Charting the Markets with IG TV: Nicole Elliot hits the airwaves as Brexit turmoil bits
IG TV host Jeremy Naylor this week invited Fellow of the Society of Technical Analysts, Nicole Elliott, onto IG’s regular slot looking at the week’s markets from a chartist’s perspective. Both agree that Brexit is dominating the headlines, Britain’s Supreme Court forced to make a decision on prorogation of Parliament at Westminster, possibly caused by PM Boris Johnson driving with a ‘’no deal Brexit in the boot of the car’’ to Luxembourg.
Using her favourite oscillators – the MACD and momentum – she looks at key stock markets and exchange rates, with an unsurprising focus on the pound. These ‘’secondary measures’’ as she calls them are one step removed from the action, being a mathematical manipulation of price data, and therefore don’t have the ‘fear and greed’ grist that raw prices have.
She then slips into the current meme, which is a Brexit deal. ‘’Do deals as you go along; renegotiate business contracts and suppliers’’. While not exactly technical analysis, it does echo the theme of the industry which is: watch for patterns and potential outcomes, preparing for success (and avoiding failure) as you go along. Be flexible.
While believing cable can go higher because it’s still very cheap, she feels it’s time it took a breather; likewise EUR/GBP which has a ‘’Mont Blanc’’ peak: AKA inverted V-shaped formation. Equally creative with her gold pattern – ‘’a sort of Lego-blocked head and shoulders’’ she suggests ‘’the stairway to heaven is sort of faltering’’.
Click here to view.
Tags: Chart patterns, Cheap versus Dear, MACD, momentum, Technical Analysis Courses
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.
- Market reaction to EU July Industrial Production September 17, 2021
- The Gamification of Trades: US Securities & Exchange Commission warning September 9, 2021
- Tips from an expert on Public Speaking: And how to master a Zoom presentation August 25, 2021
- ‘Trend Following – A Complete Edge for the Private Investor, Part II’: An IFTA webinar presented by Zaheer Anwari August 23, 2021
- Market reaction to US July Consumer Price Inflation: August 12, 2021
- A fireside chat with author Jack D Schwager: He of Market Wizards fame on
- Market Wizards – and their lesser known cohorts: Jack Schwager hits the book launch circuit on
- Colours, clashes and clichés: How and why use colourful charts on
- Do you know Aroon? I do, but not very well on
- Must read classics: Richard W Schabacker – the real bible of technical analysis on