Phillip Nova

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From a technical standpoint, prices have consolidated into a bull flag consolidation pattern since 14 March, breaking out of the flag resistance (orange trend channel) yesterday, albeit with normal volume. This localised breakout coupled with the breakout of the long-term parabolic bowl accumulation pattern at 4,150, a pattern forming since July 2023, signalled a...

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Gold surged above $2286 per ounce, marking yet another milestone in its remarkable ascent. This surge has persisted for two consecutive trading days, underscoring the enduring strength of the precious metal. The driving force behind this meteoric rise is the mounting anticipation of an imminent interest rate cut by the US Federal Reserve in June. Such a move is...

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Our View: The SGX FTSE Taiwan Index Futures contract has been making new all-time highs, powered by the AI frenzy. A key characteristic of the underlying index is its tech-heavy composition , where technology (61.36%) is by far the largest sector. This is well above the S&P 500’s technology weightage of 29.83%. Top holdings in the index include foundry giant...

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From a long-term perspective, Oil, in this case, we use the Brent Last Day Financial by NYMEX CME, overall is trending downward! It would be tempting to initiate a “sell on rise strategy” especially when a long term trend line (in blue) is challenged. The trend line majors the historical highs of Brent (BZ) as well as Crude (CL) since the second all-time-high...

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AUDUSD: Potential Short Opportunity at February Peak The AUDUSD broke out from a rising wedge yesterday and rapidly rose by 1% to hit the 0.658 mark, which is the second peak of the rising wedge pattern. Since then, the pair has retraced and is consolidating below the resistance zone. In the event of another impulsive spike towards the top of the rising wedge...

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Oil reversed gain quickly after the multifaceted sword chopped whatever little was left of supply-side momentum, keeping Oil prices afloat. The US labor market’s resilience pushed back hopes of potential “FED Monetary easing” until the second half of the year while the budding US banking crisis shook the ground beneath Oil prices. Technically, Brent tried to...