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Global indices are showing their resilience again, bouncing back and attacking the new weak with bullish gusto, hopeful that a heavy slate of economic data and corporate results can provide the drivers to rekindle optimism and overshadow the fears of last week, and showing maturity in the face of much geopolitical risk.
The UK’s UK 100 has made it back above the 6700 level and 200-day moving average after a revisit of 6650. This keeps the uptrend from February intact and allows for a revisit of the recent highs just shy of 6900. Could earnings season and more M&A drive the index back there? RSI turned up from oversold.
Germany’s DAX shows a similar pattern to the UK 100 with a bounce off 9600 thanks to rising support which dates back to March. RSI has also turned up from oversold. As long as this level holds, there is potential for bullish investor appetite to help the index back to 10000 after the recent correction.
The US Dow Jones remains in uptrend since February with and well above major moving averages. Back above 17000, it has potential to be registering fresh new highs again soon, so long as US banks results are satisfactory. If not, we could be back testing rising support.
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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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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
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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