|
Good morning Teodor, After last week's strong move across Australian markets, attention now turns to whether that momentum can be maintained.
Oil was a key level to watch last week, and the break above $79 has strengthened the technical picture. The next major level is $82, with a daily close above there providing further confirmation of the emerging uptrend.
Natural gas is one of the more interesting markets this week, breaking out from a significant long-term base. FCG, the First Trust Natural Gas ETF in the US, is one way to monitor the broader sector, while Australian energy names such as Woodside and Santos could also benefit from continued strength.
Uranium is another area to watch. After what appears to be a significant low forming weeks ago, some early-week weakness would not be surprising before the market potentially finds support again. Nickel also remains around major support after being highlighted last week.
Gold and silver continue to look technically healthy. Gold could retest the $4,350 area, while the broader trend remains bullish above $4,300. Copper and Materials also remain constructive.
Healthcare is approaching an important level, particularly with CSL and Cochlear reporting this week, which could create some short-term volatility.
For the XJO, some consolidation following its recent surge would be healthy. The key area for support sits between 8,900 and 9,100, while Small Caps have potential support around 3,400 to 3,500.
The broader outlook remains bullish, but after such a strong run, the focus now shifts to whether buyers continue to defend these key support levels.
|
