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Equity markets are around break-even to mildly positive this morning as the oil price takes another leg down on broker forecast cuts and OPEC stubbornness and despite positive Trade Balance data from China, following volatile sessions for equities yesterday amid much continued debate about the ECB and impending QE and hopes for global stimulus via intervention or simply low rates for longer.
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The UK’s UK 100 remains within a narrowing pattern between 6450 and 6550. A breakout could see us return to highs of 6760 while a breakdown could see a revisit of around 6100. Support at 6450 after retrace of double-bottom breakout.
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, much like the UK 100 , sits in a narrowing pattern, although it remains close to test/potential breakout territory. Uptrend since 6 Jan. Upside of breakout to 10100 highs. Support at 9600 midway within pattern.
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 finding support around 17600 despite the last few session adding to the trend of falling highs from late December. Still in uptrend from October lows, but waning momentum visible via a lower high in January.
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 maintains its uptrend within the bullish flag pattern. Potential still to reach highs of $1260 and exceed the trend trend of falling highs from October 2012 which has hindered the metal’s progress for so long. 200-day MA in play around current levels.
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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