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Equity markets mixed as traditional apprehension before the US jobs report (will we get any clues about the timing of a rate hike?) compounds existing uncertainty about Greece’s tense bailout re-negotiations with Germany. UK Index flat, Germany dented by poor industrial production data, Wall St stable around recent highs. Gold, hindered by lack of panic and a strong dollar, is locked in an ever-narrowing range.
The UK Index remains in a 6300-6900 sideways channel dating back to 22-Jan but also still in an uptrend from mid–December. Should recent activity prove a pause, the index could break out to make fresh all time highs while any weakness could find support around the 200–day moving average at 6650.
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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Germany’s DAX has seen the now breached 1-month trend line of rising lows serve as resistance against yesterday’s rally back towards highs and opens up the possibility of a correction. However, we note resistance-turned-support around 10800 which could keep it sideways.
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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The US Dow Jones has broken out from its 1-month falling channel (17040-17750), which offers the chance of recent highs being re-gained. The breakout also keeps the bullish Feb flag pattern in play with potential completion around with upside to December 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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Gold remains in its downtrend from 22-Jan with an acceleration in the falling highs since Tuesday. With support around $1250 this implies a narrowing of the trading range as investors remain calm.
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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