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Global markets have opened higher once again this morning as the traditional year-end rally (Santa rally) gathers momentum. After a tough start to the month it now appears many global indices are set to challenge all-time record levels once again before the year is out. US stocks rose for the third straight session in the wake of the Federal Reserve’s reassurance that the rate increases would not be imminent. Gold climbed as the dollar fell from a five-year high amid signs of rising physical demand.
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The UK’s UK 100 trading back at 2 week highs this morning as it continues to recover from last weeks lows, breaking above 6600. The 50 and 100 day moving averages have broken above the 200 day moving average, whilst the RSI is trading in overbought territory.
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Possible support
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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 found support at its 50 day moving average before pushing towards 9900. Resistance may come into play around 9950, with a break above this level giving potential to a break back above 10000.
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 is trading within touching distance of 18000 with resistance likely around 17870. Support should come into play around 17810 and again around the 50 day moving average at 17760.
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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Spot Gold is still struggling to break above 1200 and is now beginning to trade within a range between 1195 and 1200. The 50 day moving average has broken above the 100 day moving average.
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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