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Markets are extending losses again this morning following the same pattern as last week as concerns over global growth persist to weigh on sentiment. With little Macro data due for release today traders will be looking at the corporate earnings calendar for guidance.
The UK’s UK 100 broke below support at year lows overnight before trading at levels last seen 15 months ago. The prior support that we saw broken may now provide resistance, whilst there seems little in the way of support for the UK 100 with potential to see 6000 again. The RSI is attempting to break out of oversold territory, whilst the 50 and 100 day moving averages have broken below the 200 day moving average.
Germany’s DAX is trading at year lows this morning as the sell off continues. Support may come around 8532 with a break leading to a possible pull back towards 8000. The RSI has turned upwards but is still in oversold territory whilst the 100 day moving average has broken below the 200 day moving average.
The US Dow Jones found support just above 16400 over night before bouncing back up towards 16500. Much like its European peers there seems very little in the way of support and August lows around 16260 could be seen again. The RSI has turned upwards after bouncing off oversold level. US earning season really kicks off this week with some off the big hitters reporting which could provide the direction for the markets.
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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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