STA Blog

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.

Posted in Markets, STA education, Technical Analysis, Technical Analysis Courses, Trading
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The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA. The STA makes no representations as to the accuracy, completeness, or reliability of any information on the blog or found by following any link on blog, and none of the STA, STA Administrative Services or any current or past executive board members are liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. None of the information on the STA’s blog constitutes investment advice.

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