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Equities mixed this morning,taking a breather from the recent strong rebounds delivered across the board as we leave a turbulent Q3 behind. Risk appetite still buoyed by hopes of a global extension to loose monetary policy, be that via extraordinarily low rates (notably in the US) or additional stimulus measures (BoJ, ECB) to help foster global growth. Commodities off their lows boosting sentiment even if the USD remains strong and raw material supply gluts fly in the face of slowing growth in emerging markets.
UK Index back after break above 6300, but support already found at 6250. DAX back from intersecting trend-line of resistance at 9900. Wall St broken out above July falling highs at 16600. Gold making another attempt to better $1140 to complete bullish flag pattern.
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UK 100 retreat from test of 6340 already found support 6250. This keeps alive the prospect of the current rally progressing, after this brief pause, towards the 6600 level last seen in August.
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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 traded back from 2.5-month summer falling highs at 9900. Another visit of lows required before a breakout?
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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 broken above trend of falling highs from late July. Potential for recovery to 18000, although 17000 highs of September likely need to be bettered first.
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 just below $1140 but with potential for bullish flag pattern to complete if we get a meaningful break above $1140. Beware though, still trading within $1110-1150 confines of longer-term narrowing range.
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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