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Equity markets in the red this morning as markets digest disappointing China trade data which has heightened global growth worries. Greece standing firm on bailout while Ukraine situation reviving geopolitical risk. Note UK Index miners holding up well at the expense of utility defensives. Note gold bounced off its post US jobs report lows.
The UK Index has fallen below 6800 and back into the lower half of its 2.5-week 6720–6900 sideways channel. Support still valid around 6720, a level being closely watched by both the bulls and the bears in terms of keeping the uptrend alive and signalling correction respectively.
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 is the most bloodied this morning, having made a decisive breach of its 1-month uptrend. Support at 10600 could delay correction. The index remains in an uptrend from mid–October lows.
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 his back testing its 17750 breakout level of Thursday. If this serves as support there is potential for recovery to end-2014 highs of 18100. A break below would put it back within its 1-month falling channel (17040-17700).
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
Gold broke below $1250 after the US jobs report (US$ up, risk appetite up), with support kicking in around $1230 which coincides with an intersecting trend line from October 2012. Still in a downtrend from 22-Jan. Watch for breached levels reverting to resistance on any rallies.
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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