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Chart Signals - Tuesday, Nov 24

Chart Signals - Tuesday, Nov 24

Asia Pacific Indices

Australia 200 has levelled off in the 5,240 to 5,300 zone as it digests recent gains. A rollover would signal a deeper correction with net potential support near 5,200 then 5,145.

Japan 225 continues to struggle with 20,000 round number resistance, sliding back toward 19,800 before rebounding toward 19,870, more resistance possible at a Fibonacci cluster between 19,925 and 19,965.

Hong Kong 43 is coming off an inside day where it paused to consolidate gains between 22,680 and 22,760. It remains in an upswing above 22,350.

India 50 continues its rebound with support rising toward 7,810 with upside resistance near 7,860 then 7,910. RSI indicates downward pressure easing. Significant resistance remains possible near  the 8,000 round number.

North American and European Indices

US 30 is having an inside day, consolidating recent gains between 17,780 a higher low and 17,830 with next resistance near 17,930. RSI indicates upward momentum still increasing through this minor correction.

US NDAQ 100 has been bouncing around 4,685 a previous high, trading between 4,655 and 4,695 with next potential resistance at the early November high near 4,740.

US SPX 500 keeps trending higher with support rising toward 2,080. Rising RSI confirms growing upward momentum. Resistance appears possible near 2,100 then 2,115.

Germany 30 has levelled off between the 11,000 round number support and 11,215 Fibonacci resistance. Rising RSI confirms underlying upward momentum intact. Currently trading between 11,030 and 11,130.

UK 100 is bouncing around 6,300 near the middle of its 6,050 to 6,500 trading range with RSI on 50 confirming sideways momentum as it trades between 6,270 and 6,320 with net resistance near 6,365.


Gold is bouncing around $1,070 between $1,068 and $1,073. RSI is still near oversold so a bounce toward $1.086 Fibonacci resistance remains possible. Downside support near $1,065 then $1,000.

Crude Oil WTI has another bullish bear trap reversal underway. It fell below $40.00 down toward $39.20 then has rallied back up toward $41.60 range before sliding back into the $40.40 to $40.70 range where it has been able to stabilize. RSI near oversold and a positive divergence suggests the potential for trading bounces within a larger downtrend.


US Dollar Index has retested 100.00 and failed to get through for a second time, potentially creating a short-term double top. An emerging negative RSI divergence suggests upward momentum may be peaking. Initial support near 99.70 then 99.00.

EURUSD keeps trending downward, testing $1.0600 with next potential support in the $1.0475 to $1.0500 area between a prior low and a round number. Currently trading between $1.0610 and $1.0640.

NZDUSD has been knocked back toward from near $0.6620 toward $0.6500 but $0.6435 looms as a potentially bigger support test. RSI faltering short of 50 and rolling down confirms broader downtrend intact with next support on a breakdown possible near $0.6350.

AUDUSD ran into resistance near $0.7200 and has slipped back toward $0.7180 in normal backing and filling. It remains in an uptrend above $0.7060 with RSI holding 50 confirming upward momentum intact.

USDJPY has drifted back under 123.00 toward 122.80 but it really needs to break 122.20 to signal an downturn with next potential support near 121.75. RSI rolling over suggests upward momentum weakening.

CADJPY has fallen back under 92.00 confirming a break of former uptrend support. It’s currently trading near 91.80 with channel support in place near 91.50 and then a prior low near 90.50. RSI falling back under 50 suggests momentum turning downward again.

USDSGD held support at $1.4100 for the pair and 50 on the RSI keeping its uptrend intact for now even through an emerging head and shoulders top suggests the tide may be turning. Currently trading in the $1.4170 to $1.4200 area with more resistance possible near $1.4280.

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