Charting the Markets with IG: TV Guest Patricia Elbaz spills the beans
A little social media bird let me in on a surprise. For her interview on IG TV, hosted by Victoria Scholar, veteran technical analyst Patricia Elbaz arrived with a congratulatory card and cake. This is because Victoria had passed her STA Diploma Part I exam with ‘amazing results’. I’m sure all STA members will want to extend their best wishes to all other successful candidates.
Onto the interview itself: using delightfully clear and simple charts, we look at exchange rates and the importance of psychological levels which we are currently close to – $1.3000 for cable at $1.1000 for the euro. Comparing Tuesday’s exchange rate to trend lines and the 200-day moving average, she tries to gauge how ‘’comfortable’’ we are with the rates. The euro she feels is the more negative of the two, six red candles in a row and a bearish engulfing candle on Monday. Here I sympathise with Patricia because daily IG charts include some Sunday trading. Victoria casually adds that it’s also a Marabuzo candle. Nice!
The German DAX 30 index, she believes, has a lot of bullish signals and she’d be looking to buy dips down to 13450 for a rally to the psychological 15000 – a new record high. Likewise she’s bullish on gold, a self-confessed gold bug as it’s broken above the highs of many years and broken out of a ‘’range top’’. Here her medium term target is $1675, despite resistance at $1600.
Click here to view.
Tags: 200-day moving average, MACD, psychological, Trend line
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