Trending:
- Nasdaq 100 Index +7% last 30 days; current price 7837.25; price is attempting to test the 7910.75 previous highs; technology shares rising on the back of US – China trade talks back on the table; speculation that US technology firms will be able to supply one of their biggest customers in China’s tech giant Huawei. Technical Commentary: NASDAQ 100 trending higher faces resistance at 7910.75; provided the index can break above and hold further price extension towards 8190 to 8640 cannot be ruled out; otherwise a failure for 7910.75 to become a new support opens up the potential for a price dip back towards the 7626 – 7446 support zone.
- FANG INDEX FANG+ Index trending higher since end of May; current price 2555 +7.3% last 30 days; big US technology companies have the most to gain from a positive trade deal between US and China; high price action across US technology shares expected at the start of Monday US stock market opening bell; Technical commentary (Daily Chart): FANG Index RSI indicator is bullish having crossed from below its signal line; moving average analysis is bullish since current price is trading above its 4,9 and 18 period moving averages; trend analysis indicates an uptrend since the May 2019 lows as higher tops and bottoms observed on prices; downside support zone spotted between 2430 and 2324; upside resistance 2644 and 2844.
Platinum Update:
- Current platinum prices $843.30; holding above the 826.30 break-out level;
- Industrial demand supporting platinum;
- Platinum industrial demand coming from chemicals, electrical equipment, glass, medicine and medical equipment;
- Platinum supply is relatively "locked" since limited new investments into mines have been holding back production and supporting higher prices;
- Current price 843.30 +$23 last 5 days after breaking to the upside of the multi-month downtrend line; support at 826.30 ; resistance at 867.30
Source: FXGM / Bloomberg