Technical Analyst Zak Mir, of ShareProphets.com, joined Nick Batsford to cover live charting and technical analysis on several stocks and commodities.
Vedanta Resources (LON: VED) – Witnessed a powerful move to the upside along with other mining stocks over the last few days. Zak is looking for a large target in the region of 800, providing it can hold above 520.
Hays (LON: HAS) – Gaps down showing strong signs of weakness. Potentially found support at 135, but breaking that would mean another leg to the downside.
Copper – Danced around the 50-day moving average. It’s managed a higher low, but Zak Mir is waiting for it to break that level before it climbs higher.
Xtract Resources (LON: XTR) – Mir focused on the 200-day moving average for this. It’s held up well, and he is optimistic that it will retest the June peak if it can find momentum.
DAX – Belief that it should have gone down, however there is a narrow bear trap. Resistance level at 10,300, with a target of 10,208 exactly.
FTSE 100 – Very bullish, Zak believes it could be a run up to the 6,500 resistance level. Commodities and oil are returning in value and pushing it up.
S&P 500 – Surprised that it’s rallied from the 50-day moving average, very bullish signal as it could rally back up to 2,050. Mir recommends a stop loss at 1,994.
Oil – Very strong indeed as change in underlying fundamentals take effect. Bear trap below $42 and price action above the 50-day moving average could see initial trajectory up to $57.
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