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Equity markets are underwater this morning hindered by a retrace in oil, poor US bank results and a disappointing Intel outlook. This coincides with much soul-searching about Switzerland throwing in the towel on its EUR/CHF cap, the ECB’s policy decision next week (QE or not to QE?) and Greek election outcome’s potential influence.
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The UK’s UK 100 ‘s remains in its December downtrend with 6500 becoming initial resistance before falling highs at 6530. 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 persisted in its breakout from the narrowing wedge pattern, which bodes fell for a regain highs of 10100 and further upside given the width of the prior wedge which could be projected. 9980 highs yesterday reverted to support. Uptrend from early January still intact.
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 broke support to maintain falling trend from early Jan. Downside potential to Dec lows 17040, and upside to Jan highs 17900. Markets still volatile with myriad influences. Daily RSI shows support which could offset falling highs.
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 completed its bullish flag pattern at $1260 thanks to Swiss FX cap abandonment. Now that downtrend from October 2012 and 200-day moving average breached, potential upside to highs of 1330.
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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