Ms Meng Wanzhou, who is also the daughter of the company’s founder, is wanted for suspected sanctions breaches linked to Iran. China’s embassy in Canada has demanded her release. The world’s second biggest smartphone maker, Huawei Technologies is seen to have close links to the Chinese Communist Party. The suggestion today is that President Trump’s 90-day moratorium on tariff increases simply will not work.
Today OPEC’s 15 members meet at their headquarters in Vienna, while tomorrow allied nations will be included in talks. The suggestion is that both Russia and Saudi Arabia will be willing to impose production cuts in order to put a floor under prices which have slumped sharply since October.
DAX 30
Dipping briefly below the psychological 11000 yesterday and looking set for the lowest weekly close this year – and in just over 2 years.
SHORT TERM TRADER: Small short at 12215; stop above 11400. Target 11050 and then 10570.
POSITION TAKER: Short; stop above 11600. Next target at 10700.
FTSE 100
Dipping to a new low for this year and investors are probably struggling to get a grip on the new handle to the price of this index.
SHORT TERM TRADER: New short at 6870; stop above 7200. First target 6650.
POSITION TAKER: Will sell on a weekly close below 6800.
S&P 500
Holding up a little better than European indices which are subject to endless Brexit speculation.
SHORT TERM TRADER: Short at 2778; stop well above 2820. Target 2620.
POSITION TAKER: Will sell on a weekly close below 2600.
BRITISH POUND/US DOLLAR
A second consecutive dragonfly doji underlines the fact the market is poised, looking for direction. However, beware any initial euphoria/depression as trends may not be sustainable.
SHORT TERM TRADER: Square, and happily so.
POSITION TAKER: Square.
EURO/US DOLLAR
Just sort of stopped really. Probably a good thing as we’ve got enough to be getting on with already.
SHORT TERM TRADER: Long at 1.1395; stop below 1.1260. Target 1.1600.
POSITION TAKER: Square.
GOLD
Stalling again at 1240, but nothing much to look at in this chart.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
Nicole Elliott is a long-standing member and Fellow of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.
