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Equity markets have made progress since today’s open on continued optimism of a Greek bailout deal, further supported by agreement on a ceasefire in Ukraine. In the US, the oil price rebound and geopolitical confidence have offset disappointing recent macro data and persistent hawkish Fed chatter. Gold found some support around $1220 although still in a 3-week downtrend. No signs of market superstitions on this Friday 13th, or risk-off into what could be an important geopolitical weekend. There is still plenty of time though.
The UK Index has regained its uptrend having broken above the bugbear 4-day resistance level 6850. We note, however, that a break above 6905, something that has proved so elusive since last May, is needed before we can entertain thoughts of a test of all time highs 6950.
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 succeeded in making fresh all time highs this morning. However as we write, it is uncertain whether further progress will be made into the weekend. The uptrend from mid-October holds.
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’s rally from early Feb continues towards a potential re-test of all time highs 18100. Note daily RSI maintains its rising trend and is yet to go overbought. Will the move into the weekend break the momentum?
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 continues to fall from its January highs within the confines of a downward channel, heading back towards possible rising 3-month support around $1200.
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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