Today's interesting charts
Comment of the Day

April 16 2010

Commentary by Eoin Treacy

Today's interesting charts

A large number of indices and leading commodities encountered at least short-term resistance today and they can all be monitored in the Chart Library.

Eoin Treacy's view Euro Stoxx 50 - key day reversal from the region of the upper side of the range probably caps the short-term advance and signals the onset of reversionary process towards the 200-day moving average.

S&P500 - first downward dynamic since early February and from the region of the psychological 1200 level fires at least a warning shot across the bow of the 10-week advance. A mean reversion reaction, defined by the 200-day MA, has probably begun and a sustained move to new recovery highs would be required to reassert the medium uptrend.

JP Morgan - begins to encounter resistance in the region of the previous peak following 10 consecutive weeks to the upside. Some consolidation of recent gains appears likely but a sustained move below $40 would be required to question medium-term upside potential.

South African Rand per 1 US Dollar - the Dollar finds support in the region of the lower side of the range and bounces. A sustained move below ZAR7.15 would now be required to hinder scope for further higher to lateral ranging towards ZAR8.

Crude Oil - continues to pull back from the high near $87 and needs to sustain a move above that area to limit potential for continued lower to lateral ranging.

Palladium - downward dynamic probably caps the most recent part of the uptrend. However, a sustained move below $445 would be required to break the progression of higher reaction lows and question the consistency of the medium-term uptrend.

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