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European markets have started the trading session in the red this morning with the Dax falling most amongst its peers after the ECB’s Coeure commented this morning that the Euro-area faces risks to growth on such a scale that they must use all available tools to support the economy. That was followed by France’s Sapin cutting the French 2015 growth forecast to 1% from 1.7% previously expected.
UK’s UK 100 continues along its sideways trend after touching 14 year highs late last week. Comments yesterday by BoE’s governor Mario Draghi that interest rates will likely to begin increasing in the spring of 2015 did little to help the UK 100 move upwards as some of the heavyweights held the market back on falling oil prices. Support is still in place at 6780, however, with little in the way of macro data today we could see this sideways momentum continue.
Germany’s DAX is feeling the pinch of negative euro-zone comments most this morning after failing to break above resistance at 9800. The 1 month rising trend line is till intact and may act as a level of support around 9510. A break below this support level could see a pull back towards the lows of early August.
The US Dow Jones is trading right at the lower end of the 2 weeks range that was highlighted yesterday. If support at 17005-17000 is broken then a pull back towards 16900 and then 16800 could be on the cards. With little in the way of macro data, geo-political events could be the driving force today.
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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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