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Global bourses have started in the blue this morning shrugging off yesterday’s losses that was led by energy shares after Saudi Arabia cut the price of crude to the US which sent the price of oil tumbling. Tensions in Ukraine and a downgrade of the Eurozone’s growth forecasts also added to the decline. Traders will now look to tomorrow’s Interest Rate decisions from both the BoE and ECB as well as US Non-Farm Payrolls on Friday.
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The UK’s UK 100 pulled back yesterday, finding resistance at its 50 day moving average around 6545. A break above the 50 day moving average could provide an opportunity to test the 100 day moving average around 6647.
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 nearly regained all of yesterday’s losses after finding support at its 100 day moving average whilst also struggling to the upside around its 50 day moving average. Having said that, the 2 week rising trend line is still intact with a breakout of prior resistance around 9352 providing opportunity for a push towards 9500.
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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US Dow Jones registered yet another record high on the futures market overnight touching 17457. The 3 week rising trend line is continuing to gather momentum with new highs being registered daily. The 20 day moving average has broken above the 50 day moving average whilst the RSI has turned lower after trading very close to overbought.
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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