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.
Durable Goods Rose 3.3% in April vs. 2.7% Est.
Charting Asia with Daryl Guppy
Daryl Guppy
CNBC Contributor
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The Nikkei index has two resistance levels that cap the current rally breakout.
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The strongest support level is near 74.5. This suggests a fall below 79 will find temporary support near 77 and long term support near 74.5.
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Gold hits the headlines but the real action is in its sister metal and one time king of the currency world - Silver. It's cheaper to buy contracts, you get more bang for your buck, and the returns on capital are greater. This is an alchemist's opportunity to turn silver into real gold.
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If gold is unable to break through the $1,800 resistance level, it may fall back towards $1,575.
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The dollar/yen is moving steadily towards the 84 resistance level. There is a high probability of a retreat developing from this area.
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The outlook for the Dow is bearish which is a failure of support near 12,000 and a further fall towards long term historical support near 10,800.
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Australia’s S&P/ASX 200 stock index developed a remarkable recovery starting in June 2012, but now this rebound is threatened.
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The weekly chart of the NYMEX oil price is going nowhere. It remains largely impervious to the endless crisis in the Middle East and even the gusting winds of Sandy, one of the biggest storms to hit the United States.
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The dollar/yen chart points to a successful rally towards 84-87 with a breakout above 80 in the short-term.
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A gold price move above $1,800 an ounce has a high probability of developing into a fast rally
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The silver chart shows that those who are wishing for a rise in the gold price will be disappointed.