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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    A new head and shoulder pattern has developed in the Dow. The rapid falls of last week confirmed the right shoulder of the pattern. The depth of the pattern puts the downside target near 11,600.

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    Oil remains on a bull run. The fall from near $114/barrel to below $100/barrel is a correction, but not a change in the trend. This behavior sets a higher price target for oil as the uptrend continues.

  • GUPPY EURO DOLLAR 2405.jpg

    The Euro/Dollar is at a significant point with the potential to prove the placement of trend line B and thus signal a continuation of the up trend. Failure of support at trend line B signals a change in the trend and a move towards $1.29.

  • GUPPY MAY 17 DONE.jpg

    There is a high probability gold will test the $1,460/ounce support level before developing a slower uptrend rebound. If margin changes continue to flow through the system, then the lower targets between $1,420/ounce and $1,440/ounce are the valid support level

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    The collapse in the silver price from $49 an ounce to below $36 is a harbinger of collapses in a wider range of commodity prices. It is the end of speculative bubbles that have been building for several months. The collapse is triggered by changes to the way the trade is executed. Look for downside in silver to around $31/ounce.

  • GUPPY OIL MAY 2 DONE.jpg

    The oil price is the foundation for inflation. The NYMEX oil chart shows the next target for oil is near $124. The chart also shows a new pattern of price behavior. This pattern often ends with a sudden price retreat and Osama Bin Laden’s death may be enough to create these conditions.

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    The KOSPI leads the behavior of indices in the ASEAN region. When the KOSPI retreats then there is a high probability that the Hang Seng, the Straits Times Index and the TAIEX will also follow the same behavior.

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    The rejection of the Australian Government to the takeover of the Australian Stock Exchange from an Asian stock exchange was clear for many months on the chart of the ASX. The ASX chart in November 2010 showed this deal would fail.

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    The next upside target for the Australian dollar is near $1.10. At this level the AUD starts to cause some very severe pain to Australia's export industries.

  • GUPPY APR 6 DONE.jpg

    The price of gold on the COMEX gold chart has fallen from $1440/oz to near $1420/oz. Is this weakness a buying opportunity or is this weakness an indication that the uptrend in gold has become weaker?

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