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Equity markets are higher this morning, supported by a rebound in the price of oil and Copper which helped Asian bourses counter the weakness seen on both sides of the Atlantic yesterday following poor US Retail Sales and a bad start to US Q4 Banks results. More Banks (Citigroup, BoA) to report today along with more US data which see markets swing further.
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The UK’s UK 100 ‘s test of 6350 yesterday put paid to the narrowing pattern previously highlighted. December downtrend still dominant. Potential for build up of descending triangle (bearish) pattern? Hindered by significant commodity weighting/make-up.
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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 has broken out from its narrowing pattern, which bodes fell for a regain of highs of 10100, however, we note 3 bouts of resistance which could prove a hurdle in the meantime (triple-top reversal if it breaks below 9800). Uptrend from early January still intact. Benefits from having less commodities reliance than UK Index .
Solid Green line
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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US Dow Jones has rebounded from prior lows, much like the FSTE100 as energy stocks revived. Volatility still very much in play. Note Daily RSI shows falling highs suggesting continuing waning of momentum. Stuck in sideways trend since December.
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 January uptrend intact but bullish flag pattern previously discussed (target $1260) still taking a break below 12-week highs before completion. Potential for resistance at $1245 to scupper further gains, with double top reversal if support at $1225 is broken (target $1205). Falling highs from October 2012 and 200-day MA still a major hindrance
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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