This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity markets are reversing yesterday’s gains after the World Bank cut global growth forecasts, after lowering the prospects of the Eurozone, Japan, Brazil and Russia. Industrial commodities remain weak with Oil and Copper having tested fresh lows on growth worries and OPEC stubbornness. ECJ decision on ECB’s OMT (and thus QE) favourable but growth worries already outweighed brief relief rally.
Click below to view graphs.
The UK’s UK 100 has broken below 6450 which we had hoped would serve as support. Downtrend from late-Dec still in play, and potential breakdown from narrowing pattern highlighted yesterday. Hindered by commodity stock drag.
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
Germany’s DAX has tested the upper end of its narrowing pattern, which bodes fell for further advances/attempts, although off highs. Uptrend from early January intact, although testing of wedge ceiling could see a return to within the confines.
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 has reversed much of the 2015 gains on a revival of growth worries. Volatility very much in play. Sideways since December. Waning momentum was a signal late last week.
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
Spot Gold maintains its uptrend within the bullish flag pattern, but it took a breather as equities advances yesterday. Potential still to reach highs of $1260 but resistance via falling highs from October 2012 and 200-day MA which have hindered the metal’s progress for so long need to be overcome first.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research