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Markets have started the last trading day of the week positively this morning on news that the latest set of opinion polls (YouGov) showed the ‘No’ vote for Scottish independence still in the lead as more and more firms suggest moving headquarters to England should Scotland gain independence. The Russian tat tar tat with with the EU and US continues as further sanctions come into play today with the Russian government threatening to retaliate with sanctions of their own. Traders seem to be favoring equities over commodities as the Bloomberg Commodity Index fell to its lowest level since July 2009.
The UK’s UK 100 support held firm at 6780 yesterday after a brief break towards the end of the trading session failed to develop. This level continues to be a key support level as the ‘yes/no’ vote on Scottish independence hots up ahead of next weeks vote. Resistance on the upside my be found at 6860, a break of this could see an attempt at the highs of last week.
Germany’s DAX has much the same story as yesterday with very little in the way of change. The sideways momentum is continuing with resistance still seen at 9800 which has failed to be retested since it was hit last week. The 1 month rising trend line is still intact and still likely to prove a level of support. Eurozone data in the form of Industrial Production and Employment may provided some direction later this morning.
The US Dow Jones is continuing to trade in the two week range, however, the support line at 17005-17000 is coming under more and more pressure after being broken briefly again yesterday. Will it continue to hold? A break below could see the Dow under some downward pressure towards the 16800’s.
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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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