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Equity markets are flat this morning after yesterday’s rally, with oil prices off their one-month highs and perhaps some hesitation after equity market gains and such a strong start to February, especially with US non-farm payrolls just around the corner. Greek issues continue to sway sentiment both ways, as does the future for US and indeed global monetary policy direction. Gold faltered to move back toward recent end Jan lows.
The UK Index has made it back to test 2014 highs of 6905, having rebounded from support at around 6720. The bulls are eyeing all time highs of 6950, hoping that late Jan activity was the flag within a bullish flag pattern and a breakout on the cards. For the moment though, we remain in a 6-month sideways channel 6070-6950.
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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 fallen back from yesterday’s fresh all time highs of 10987, but the 2015 rising support remains intact, as does the 3.5 month uptrend and breakout from a Nov-Jan pennant pattern. Note daily RSI falling back from overbought.
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 bounced strongly from supportive shallow falling at 17040. However, resistance was encountered at the 17670 trend line of falling highs from Dec 26, which keeps the index within the confines of a 5–week downtrend. Nonetheless, the uptrend from mid-October holds so long as support at 17040 isn’t breached.
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 may have teased us with what looked like a break out above falling highs at $1280, only to find resistance at $1285 as equity markets rallied. This keeps the downtend from recent Jan highs ($1307) intact, albeit with support at $1250 for the moment.
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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