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European equities remain under pressure into Tuesday, with Brussels still in lock-down and breaking news that a jet has been shot down by the Turkish air force around the border with Syria. Geopolitical drivers still dominating sentiment while continued commodity price weakness is putting pressure on the UK Index in particular.
The gloves have come off in the Pfizer / Allergan tie-up, as we thought they might, with Hillary Clinton (eager for votes, not doubt) going on the offensive. Republicans are thus far remaining silent. Poor US macro data from yesterday is still likely being taken on face value while the German DAX is likely feeling the heat from yet another VW admission to emissions test fakery, this time in Audis.
UK Index back probing 6250 from above, DAX has turned support back into resistance around 11040, Wall St futures still consolidating beneath July falling highs. Gold off its $1065 lows, but still facing falling resistance at $1085.
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UK 100 is again testing the key level 6250, now testing tentative support around 6230. A further pullback below here leaves little more in the way of support until August rising lows 6035. Note RSI attempting to bounce in oversold territory.
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Possible support
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Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Germany’s DAX also back below resistance having struggled to sustain a breakout above 11000. Currently rallying though, and apt to re-test that level while good support exists 200pts below.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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US Dow Jones futures have come back from overnight highs – in a trend of falling highs through November. Potential for a pullback to intersecting support around 17130 and consolidation into a sideways channel.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Gold recovering off overnight lows with a bullish RSI putting a return to Nov falling highs on the cards.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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