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. He is a special consultant to AxiCorp.
The general trend pressure for cotton prices is bearish and this suggests continued testing of support near 85 cents a pound.
The Apple chart shows an unsustainable rally. This doesn’t mean that traders cannot make money, but it does suggest that investors buying in the current market will have to ride a short-term loss before the long-term trend carries them into profit.
There is a high probability gold will use the previous resistance level near $1,880 as a target level.
The current rally is testing the support/resistance level near 2,300. A move above this level is bullish. A retreat away from this level is bearish and confirms the downtrend remains very strong.
The Shanghai Index consolidation retest of the uptrend was stronger than expected.
The media is awash with claims that the S&P is in danger of imminent collapse.
U.S. crude seems to be going nowhere but the weekly New York mercantile Exchange l chart for WTI tells a different story.
The euro/yen is taking a graceful swan dive following weeks of consolidation.