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The markets have been taking their lead from strong company earnings over the past week or two with the major index’s all positive this morning. After a relatively lackluster trading session across Europe yesterday, the Dow had a late push into positive territory which helped push the Asian markets up to 6 year highs. With lots of the UK heavyweights still to report the markets may continue to be driven by earnings.
The UK’s UK 100 is holding above 6800 this morning, with recent highs of 6825 and 6832 still possible levels of resistance. However, a break above these levels could signal push towards early July highs of 6875, although a sideways trend is still intact in the shorter term.
Germany’s DAX has struggled to hold on to its recent highs of around 10050, coming off some 400 points over the last 3 weeks as investors show caution among rising tensions in Russia/Ukraine and Israel. A downward trend has begun to materialize over the last few weeks with the DAX making lower lows with late May/early Jun resistance levels of 9636 potentially providing resistance.
The US Dow Jones still remains in a long-term uptrend with a raft of M&A activity boosting the markets. However we have seen a slight stuttering over the last couple of trading sessions on lower volumes, tensions in Russia/Ukraine and Israel along with some weaker macro data yesterday. With the long-term uptrend still currently intact a rise above 17000 would give confidence to another push towards those all-time highs of last week.
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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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