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This morning has seen a relatively slow start across the board after another strong trading session yesterday which saw the Dow register yet another all-time high. News that Republicans took the senate in the US buoyed the markets with hopes of more business and energy friendly policies. Corporate earnings in the UK also helped push the markets higher with a better than expected ADP figure also playing its part. Overnight reports suggesting tensions between Ukraine and Russia are increasing again has subdued the positive sentiment we have witnessed recently. Traders with be looking towards today’s Interest Rate decisions from both the BoE and ECB before Mario Draghi holds his press conference shortly after.
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The UK’s UK 100 is still struggling to register a breakout of resistance at its 50 day moving average as the 3 week recovery looks to be running out of steam / pausing for breath. 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 is still finding resistance at 9352 difficult to break above over the last week or so. Having said that, the 3 week uptrend continues, although at a much slower pace than we have seen recently. Yesterday saw the 100 day moving average break above the 50 day moving average for the first time in 6 weeks. The 100 day moving average had also provided support on a number of occasions over the last few days.
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 yesterday stopping just shy of 17500 as the recovery from 1 month lows continues. Support may come around the 50 and 100 day moving averages. A recent bullish flag pole formation suggests more record highs are to come as the recovery gathers momentum.
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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