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A sea of red started on the screens this morning as the rot looked to continue for the global markets, however, European exchanges have now ticked positive. After a higher close in the US last night, hopes were pinned on the sentiment continuing through to the European markets this morning but it didn’t look likely to start that way, especially after overnight data from China showing GDP growth slowing. Earnings in the US were mixed with IBM disappointing the market whilst sector peer Apple smashed expectations after the bell.
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The UK’s UK 100 is heading towards prior support at 6244 this morning, a level that if broken could signal a pull back towards last weeks lows around 6100. The RSI has turned downwards and could be heading back towards oversold territory.
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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Germany’s DAX has been trading in a 200 point range for the last few sessions with support at 8690 and resistance at 8900. Traders will be looking to see which is broken first, with a break to the upside suggesting a move towards 9000 whilst a break of the support level suggesting a possible drop to 8600.
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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The US Dow Jones looks set to give up all its gains from yesterday with the futures pointing to a softer start. Resistance held firm at 16500 again yesterday before the Dow lost some 150 points. Support may come at 16278 while the resistance at 16500 will be a key level to try to break.
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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