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European markets have started the trading session relatively flat this morning with the miners weighing the UK 100 down. The Dow Jones and S&P 500 in the US both recorded record closes yesterday, following the positive sentiment from Fridays Chinese rate cut. Macro data from the States comes in thick and fast this week ahead of Thursday’s Thanksgiving holiday with GDP figures being up first this afternoon.
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The UK’s UK 100 continues to the 5 week uptrend with 6900 still a realistic target. Support could still hold firm along the rising trend line as well as the 200 day moving average. The 20 day moving average has broken above the 100 day moving average whilst the RSI has begun to turn away from 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.
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Germany’s DAX is now trading back at 2 month highs with possible resistance being seen around currently levels. A break above this level could see the DAX push into 9900’s with 10000 then being a target. The DAX is now trading above its major moving averages, whilst the RSI had now fallen from overbought 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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US Dow Jones continues to set new record highs as the recovery picks up pace. The Dow set a third straight record close yesterday following Fridays all-time intraday high after the Chinese rate cut. Support could come at the 50 day moving average whilst resistance may be found around Fridays all-time high.
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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