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The recovery by the indices shows desire by markets to move on from myriad geopolitical risk and back to economic recovery. The US Q2 Earnings season is delivering and M&A is helping, but the term ‘cautious optimism’ is back in vogue.
The UK’s UK 100 is trading higher this morning, on-course to test the 6795 highs of last week. The February uptrend is intact, and we are back in the middle of the 3-month 6650-6900 sideways range.
Germany’s DAX is still testing March rising lows and so still technically in an uptrend. It has bounced off 9600 but has the potential to fall below the trendline, which could revert to resistance. The shorter term charts show work to be done before any suggestion a reversal of the July downtrend.
The US Dow Jones remains very close to its recent all-time highs, with February’s uptrend very much unperturbed, and while the trend is your friend there is still the chance that the bearish rising wedge eventually leads to a breakdown.
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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
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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