Daily market update: Europe becoming more left-wing; Index and single stock outlook



Nick Batsford, CEO of Tip TV, was joined by Zak Mir, technical analyst for ShareProphets.com, on the Tip TV Finance Show to discuss the Portuguese government, the EUR/Commodity Dollar pairs, as well as an Index and Stock Outlook.

Government in turmoil in Portugal

Batsford highlighted Elliott, who noted that the Portuguese government collapsed, with PM Passos Coelho’s centre-right administration, which did not win a majority of seats at the general election on October 4th, losing a no-confidence motion yesterday. She continued that President Cavaco Silva is expected to ask Antonio Costa, leader of the Socialist party, to form a coalition with its left wing partner the Communist party. Mir added that Europe is seeing a move to the left-wing.

Index Outlook

Mir commented that the NASDAQ has its 200-DMA and 50-DMA converging, with a test of support at 4590 being the short-term target.

In terms of the Dow, Mir believed it to be heading towards 18000, and is looking quite strong.

EUR/Commodity dollar pairs retraced 50% of 2015 rally

Batsford outlined FX Street, who expressed that the EUR/AUD and EUR/NZD are finding support at 50% Fibonacci retracements, and the EUR/AUD could re-test the 50% Fib level at 1.5132. They added that the EUR/CAD is below its 50% Fibonacci retracement, with odds of a rebound being likely as oil remains weak.

Stock Outlook

Mir began on TalkTalk, where he noted that it recently experienced a 2-day island reversal and then a gap higher yesterday. The short-term target for the stock is around £2.80.

When concerning Sainsbury’s, he commented on the massive gap to the upside in September, and if the stock breaks £2.80 we could be in a decent recovery situation.

On the small cap CHA, Mir highlighted that it was one of the best performing stocks in the AIM market last year, and the future holds a possible golden cross, so he was bullish in the weeks ahead.

Watch the video to see more technical analysis on Glencore, PMO, ZEL, WHE, EXPN, AUTO and IAP.

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