Technical weekly 14092007
Equities
No change, the short-term recovery remains in place.
If the big indices are able to break above key resistances it are likely to extend their long-term uptrends and rise to another new all time high.
Volumes are still very low and in this difficult market stocks and sectors picking are key.
Strong sectors are unchanged, Food&beverage, Oil&gas, Telecom and Technology.Financials and banks continue to underperform and I also see weakness in the Construction sector.
If the big indices are able to break above key resistances it are likely to extend their long-term uptrends and rise to another new all time high.
Volumes are still very low and in this difficult market stocks and sectors picking are key.
Strong sectors are unchanged, Food&beverage, Oil&gas, Telecom and Technology.Financials and banks continue to underperform and I also see weakness in the Construction sector.
Implied volatility should stay at a high level in the coming weeks, this is why I don’t see a quick end to this market turmoil.
Bonds
Yields are breaking down below a very important support level what implies that I change my view on bonds.
Technicaly speaking the picture is now more neutral for the bond market.
The downside risk and the target of the pattern could be around 3.7-3.65% for the coming weeks/months.On the other hand yields are very oversold (green arrow on chart) which means a rebound is now developping.
Yields are breaking down below a very important support level what implies that I change my view on bonds.
Technicaly speaking the picture is now more neutral for the bond market.
The downside risk and the target of the pattern could be around 3.7-3.65% for the coming weeks/months.On the other hand yields are very oversold (green arrow on chart) which means a rebound is now developping.
Brent
Last week I said that : further good progress is expected towards the 80 $ resistance zone. So here we are, and this week we want to show you a long term weekly chart.
As you can see according to the Elliott wave theory, we are now in the beginning of wave 3, which is usually the largest and most powerful wave.
If we copy exactly (amplitude and rate of ascent) the last upward movement of the preceding wave 3, we arrive at a target of 150$ for February 2009!
This corresponds to the higher uptrend-line of the long term rising bull channel.
Last week I said that : further good progress is expected towards the 80 $ resistance zone. So here we are, and this week we want to show you a long term weekly chart.
As you can see according to the Elliott wave theory, we are now in the beginning of wave 3, which is usually the largest and most powerful wave.
If we copy exactly (amplitude and rate of ascent) the last upward movement of the preceding wave 3, we arrive at a target of 150$ for February 2009!
This corresponds to the higher uptrend-line of the long term rising bull channel.
Euro
The uptrend remains intact, but the target which is the upper rising trendline is now reached.
Moreover, TD Combo&Sequential indicators are now flashing a low risk overbought sell signals.(red arrows on the chart).
The uptrend remains intact, but the target which is the upper rising trendline is now reached.
Moreover, TD Combo&Sequential indicators are now flashing a low risk overbought sell signals.(red arrows on the chart).
Aucun commentaire:
Enregistrer un commentaire