Today's interesting charts
Comment of the Day

May 07 2010

Commentary by Eoin Treacy

Today's interesting charts

This week has produced a large number of dynamic moves, across asset classes. We believe that taking some time to peruse the Chart Library is always a fruitful exercise but more especially now.

Eoin Treacy's view Oil - forms a large weekly key reversal as it pulls back to the first area of potential support at the 200-day moving average. It will need to find support relatively quickly and hold the progression of rising lows, currently near $70 to sustain the medium-term bullish outlook.

Nickel - having become somewhat overextended relative to the 200-day moving average, prices pulled back sharply to retest the psychological $20,000 level and the MA. They appear to be finding support and a sustained move below this week's low would be required to question scope for further higher to lateral ranging. .

Palladium - pulled back sharply over the last couple of weeks and has at least paused in the region of the psychological $500; in a reaction similar in size to that posted in January. A sustained move below $485 would be required to form a larger reaction, pull back into the previous range and signal major trend inconsistencies.

Silver - recoups almost all of this week's loss and would need to sustain a move below $17 to question potential for some further higher to lateral ranging.

Taiwan - pauses in the region of the 200-day moving average but needs to hold above 7200 if the medium-term generally bullish condition is to be sustained.

Singapore Dollar per 1 US Dollar - the US Dollar rallied strongly this week to test the declining 200-day moving average but needs to sustain a move above it to offset medium-term scope for further lower to lateral ranging.

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