Stocks and Indices were the focus for Zak Mir, technical analysis for Zak’s Traders Café, on the Tip TV Finance Show when he joined Nick Batsford to cover a variety including HSBC, SML, as well as, the NASDAQ and the FTSE 100.
Stock Outlook
Mir outlined HSBC which experienced two days of consolidation at £5, and with support above the 50-DMA, it may head back towards 550.
In terms of SML, Mir noted that the 50-DMA is rising, with the target back towards the 200-DMA.
He also commented on PANR, which he highlighted as the stock of the moment, and whilst it remains above 70p the target is £1.
Watch the video to see further analysis on Morrisons, RIO, AZN, OPAY, BKG, MOS and GRPH.
Index Outlook
Mir continued to the S&P 500, where he expressed that is has support at 2062, but is currently holding above 2088, with the rend channel heading to around 2170.
When concerning the NASDAQ, Mir believed that with all near-term averages rising, the Index is in for upside with a golden cross possible over the next few weeks.
He finished on the FTSE 100, where he outlined that it has overhead resistance from the summer, but he urged to wait for the 6500 level to break if you believe in further recovery whilst the RSI is above 50.
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