Charting Asia with Daryl Guppy

Daryl Guppy

Contributor

Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com.

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  • There is a strong downtrend in copper and it will not be easily reversed. The historical activity shows strong consistent support near $2.80 and there is a high probability this level will be tested again.

  • Historical support on the Shanghai Index is near 2,300 and the market is moving slowly towards a test of this level.

  • Gold's sudden fall from $1920 to $1630 suggests a major change in the trending behavior of gold. This trend dislocation is as severe as the trend dislocation in the Dow but it came without the same high level of warning.

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    There is a high probability the uptrend for gold will continue with a retest of the highs near $1,920. The broader market indecision increases the volatility of price activity, but it does not threaten the underlying trend.

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    Any fall in the euro-dollar below $1.36 has a high probability of cascading into a fall to $1.29, which in turn, will have a high probability of quickly falling into the consolidation support area with a potential downside target near $1.24.

  • The Dow appears to be consolidating with a rebound likely in the near term, says technical analyst Daryl Guppy. The blue-chip index could reach as high as 12,400 according to its chart.

  • The movement of the KOSPI is constrained by historical support and resistance levels. The most probable short-term outcome is a continuation of rapid rally and retreat behavior inside the trading band between 1,720 and 1,900.

  • Will Friday's meeting at Jackson Hole dig markets deeper into a hole, or get the U.S. out of one? The early signs will come from the Nasdaq, rather than the Dow and the index could tumble if the results of the meeting disappoint.

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    Failure of support near 80 yen has a downside target near 73 yen. Persistent Government intervention can slow the progress towards this target but it may not be enough to prevent this target being achieved.

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    Downside targets on the Dow are 10600 with a long-term potential at 9700. Downside targets on the Nasdaq are 2370 (already exceeded) with longer-term targets near 2100. Downside targets on the S&P 500 are 1130 (already exceeded) with longer-term targets between 950 and 1000.

  • Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia.