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Equity indices are mixed this morning, off their highs of yesterday but holding their October up-trends and rebounds from recent lows. The mixed start comes after a largely negative Asian session contrasted with a positive US close, and a less than impressive return by Chinese markets after a Golden Week away despite increased stimulus hopes. Sentiment dented by a surprise Deutsche Bank Q3 loss and yet more disappointing Japanese data, even if the latter just bolsters hopes of more BoJ stimulus at month-end. Growth warnings from the IMF still reverberating while major Central Bank minutes (ECB, BoE, Feb) are hotly awaited for updated policy outlook.
UK Index uptrend found support again at 6300. DAX struggling with the 10000 level. Wall St back from resistance at 16950 September highs. Gold‘s failure to better $1150 keeps it in multi-month narrowing pattern.
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UK 100 break above 6300 holding firm, giving hope of continued consolidation before another push higher. However, a break back above prior 3-day rising support at 6340 is required. Incidentally, overnight resistance at 6380 corresponds to 61.8% Fibonacci retrace of Aug declines.
Solid Green line
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 is struggling with the 1000 level and a 1-month intersecting trendline of support-turned-resistance around 10050. But is their potential for us to be in the closing stages of a bullish reverse head & shoulders?
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 found resistance at September highs which could mean us back in a 16000-17000 sideways channel.RSI falling back from overbought is negative divergence with price action. Watch for break of rising support at 16785
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 found resistance at $1150 which puts it back in dominant narrowing pattern, but still with potential to deliver a breakout to $1170 and above falling highs should we experience major risk aversion.
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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