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Markets struggled yesterday as reports that fighting continues in Ukraine after a ceasefire was agreed upon on Friday. Closer to home the Scottish vote for independence is hotting up with claims that the yes/no voting stands at 50/50. Many stocks with direct exposure to Scotland came under pressure yesterday causing the UK 100 to fall from those 14 years highs it hit last week. Traders will be monitoring both of the issues above closely, with the EU holding off on further sanctions against Russia, allowing more time to assess the viability of the cease-fire between the two nations.
UK’s UK 100 found support at two week lows yesterday after falling from 14 year highs of last week. Failure to break below support at 6780 suggests that the UK 100 could creep back up towards the highs of last week. Although the Scottish independence vote could cause underlying volatility as the stocks with direct exposure to Scotland struggle.
Germany’s DAX failed to break late July resistance of 9800 yesterday before losing the best part of 90 points. This morning we see the DAX making another run towards 9800, will it manage a break this time? The 1 month uptrend continues to remain intact, however, resistance at 9800 could prove difficult.
The US Dow Jones has been trading in a 150 point range for the past two weeks as it continues to hit new highs on the upside while 17000 has continued to hold as a level of support since the Dow broke back above it mid August. Traders will be looking to see which end of the range the Dow will be likely to break out from. Will we see a new all-time high or a pull back below 17000?
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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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