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Equity markets are again positive this morning buoyed by the prospect of continued easy monetary policy following the RBA’s rate cut coupled with optimism of a Greek debt deal, the oil price recovery holding and corporate results from oil major BP (BP) and Banco Santander (SAN) being well digested. Gold also holding up despite market bullishness tempering safehaven demand.
Will the index rise towards 6890?
Will the index fall towards 6730?
The UK Index has managed to break above the trend line of Jan 28 falling highs this morning with the possibility that said becomes support for any subsequent fall back. Resistance already emerged at 6880. The sideways channel remains in place with 6720-6890.
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 has managed to breakout above late January highs, maintaining its strong January uptrend. Twin support available from breakout level and rising lows at around 10800. Note daily RSI remains overbought.
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 has bounced from support at 17100, breaking above falling highs of last week. The index is back above the 200 day moving average (at 17197), but remains in a shallow 6-week falling channel.
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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Gold has managed to break out above falling highs from 22 January, helped by the trend of rising lows from 28 Jan. Resistance already found at Friday highs of $1285 but rising support at $1275 could help with further advances towards Jan highs given that gold remains in an uptrend since early November.
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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