Zak Mir, technical analyst for ShareProphetd.com, joined Nick Batsford on the Tip TV Finance Show to discuss single stocks including the FTSE 100, S&P 500, Gold and Glencore (LONDON:GLEN).
Mir began with Tesco (LONDON:TSCO), which he described as mission impossible, and then added that it went down towards the lowest levels during the August fall of around 160, and has since bounced towards the 50DMA which is resistance.
In terms of the FTSE 100, he noted that it has seen resistance at around 6270, and whilst we are below the 50DMA there is possible risk of more downside, but is diminishing.
He continued to the S&P 500, where he outlined that it broke above the 1903 low and experienced a sharp rise on Friday, thus it is now looking back towards 2002 which is the 50DMA.
When concerning Gold, he highlighted that the market has realised that US interest rates aren’t going up in the short-term, and therefore progression to 1220 is possible with double support at 1100 and a rising 50DMA.