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Markets have kick started the trading week on the back foot, following loses overnight from Asia where the Japanese economy entered a technical recession after GDP fell in the third quarter. The figure missed analyst expectations by some way with Reuters forecasting a 2.1% gain compared with an actual drop of 1.6% for the world’s third-largest economy. Contagion concerns have also sent the markets lower this morning, whilst concerns over rising tensions in Ukraine as well as Syria and Iraq are also weighing on the markets. Mario Draghi speaks later this afternoon with investors keen to hear his comments.
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The UK’s UK 100 seems to have run out of steam for now, or maybe its just taking a pause for breath. The UK 100 has been trading in a 50 point range for the last few trading sessions with support at 6612 and resistance around 6658. The UK 100 is now trading towards the high of the day with the RSI rising. This morning has seen the UK 100 break above its 50 and 100 day moving averages.
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 traded in a range over the last few trading sessions with support coming in around 9165 and resistance at 9345. The DAX also found resistance at its 50 day moving average this morning. Should support at 9165 be tested and broken then the DAX could a pull back towards 9000. The RSI has bounced off oversold and is now rising.
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
US Dow Jones rise has taken a pause for breath this morning after registering new all-time highs last week. The 200 day moving average has acted as support whilst the 20 day moving average has broken below the 100 day moving average for the first time in 5 weeks. The RSI has bounced from oversold and is now rising.
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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