HEALTHCARE: Galderma (GALDSW: BBB Fitch) Q1 25
Positive. Guidance confirmed and tariff exposure is low
• Sales $1.13bn +8.3% led by Injectable Aesthetics +9.9%
• Launched Nemluvio & Relfydess – aiming for “blockbuster” status
• Confirming FY guidance 10-12% growth with Core EBITDA margin 23%
• “…manageable exposure to currently announced US tariffs”
• Only sizeable portion of sales exposed to tariffs is US Fillers and Biostimulators (9% of sales). These come from the EU.
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EQUITY TECHS: E-MINI S&P: (M5) Trades Through The 20-Day EMA
- RES 4: 5970.87 61.8% retracement of the Feb 19 - Mar 13 bear leg
- RES 3: 5924.59 50-day EMA
- RES 2: 5864.25 Low Jan 13 and a recent breakout level
- RES 1: 5825.50 High Mar 24
- PRICE: 5813.00 @ 07:21 GMT Mar 25
- SUP 1: 5650.75/5559.75 Low Mar 18 / 13 and the bear trigger
- SUP 2: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 3: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 4: 5341.87 2.382 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
The trend condition in S&P E-Minis is bearish and the latest recovery appears corrective. MA studies are unchanged - they remain in a bear-mode set-up, highlighting a dominant downtrend. However, Monday’s gains resulted in a breach of the 20-day EMA, at 5803.08. This signals scope for a continuation higher near-term - towards 5864.25, the Jan 13 low. A reversal lower would refocus attention on 5559.75, the Mar 13 low and bear trigger.
WTI TECHS: (K5) Pierces Key Short-Term Resistance
- RES 4: $76.57 - High Jan 15 and the bull trigger
- RES 3: $72.91 - High Feb 11 and key resistance
- RES 2: $70.98 - High Feb 25
- RES 1: $69.33 - 50-day EMA
- PRICE: $69.26 @ 07:18 GMT Mar 25
- SUP 1: $64.85 - Low Mar 5 and the bear trigger
- SUP 2: $63.73 - Low Sep 10 ‘24 and a key medium-term support
- SUP 3: $60.00 - Psychological round number
- SUP 4: $59.40 - 2.00 proj of the Jan 15 - Feb 4 - 11 price swing
Despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98, the Feb 25 high. For bears, a reversal lower would expose the bear trigger at $64.85, the Mar 5 low. Clearance of this level would resume the downtrend and open $63.73 next, the Oct 10 ‘24 low.
GOLD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $3106.8 - 2.764 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $3100.0 - Round number resistance
- RES 2: $3079.2 - 2.618 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $3057.5 - High Mar 20
- PRICE: $3013.8 @ 07:25 GMT Mar 24
- SUP 1: $2999.5 - Low Mar 18
- SUP 2: $2964.9/2884.4 - 20-day EMA / 50-day EMA
- SUP 3: $2832.7 - Low Feb 28 and key support
- SUP 4: $2758.3 - Low Jan 30
A clear uptrend in Gold remains intact and last week’s resumption of the bull cycle reinforces current conditions. The yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Support is at $2964.9, the 20-day EMA.
