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Markets are being dominated this morning by the Scots decision to vote against independence thus removing some of the uncertainty that the markets have suffered recently. The UK Index has been driven this morning by those companies who were more heavily exposed to Scotland while across the pond US markets set record highs again as the positive sentiment from Wednesdays FOMC statement continued.
The UK’s UK 100 fell a few points short of multi-year highs this morning as the results of the Scottish referendum were released, although profit taking in early trading has seen the UK Index pull back from its highs. The UK Index found support this morning at the 50 day MA after hitting resistance at 6898. The 100 day MA has crossed above the 200 day MA, although the RSI is still declining.
Germany’s DAX broke its first resistance hurdle this morning but failed at the second level. The 5 week rising trend line is still intact as the DAX looks to break the its next resistance hurdle before an attempt at 10000. The 50 and 100 day MA’s have crossed above the 200 day MA while the RSI is declining, although is still in overbought territory.
The US Dow Jones registered yet another all-time high yesterday as the dovish comments from the FOMC continued to boost sentiment. A convincing break of the sideways channel saw a new all-time high and the prior resistance level could now turn support. The 20, 50 and 100 day MA’s have crossed above the 200 day MA. The RSI is declining although is still in overbought territory.
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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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