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Equities pretty much flat this morning as Greece returns to the Brussels negotiating table with its creditors after its last bailout extension proposal was rejected by Germany as a ‘Trojan Horse’ with too much room for interpretation. PMI data mixed so far. Gold failing to benefit from ample uncertainty about Greece’s future.
No change for the UK Index which remains around the 6880 mid-point of recent 15yr highs 6921 and the trend line of Feb rising support at 6850. Trading at top-end of sideways channel from end-Jan means chance of break-out but beware potential bearish wedge pattern.
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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Little change for the Germany DAX either, holding around recent all-time highs and showing appetite to eke out further gains. Uptrend from mid-October intact but well off rising support (1000pts). Uptrend from early Jan also intact but moving towards apex of bullish ascending triangle.
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 continues to trade in a narrow range, but it is unclear whether it is losing momentum around recent 18055 highs, themselves just shy of the end-14 all-time highs 18104, or whether this is a pause before another up-leg. Note rising lows from 4 Feb breached. Daily RSI still rising.
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’s bounce off $1200 is looking increasingly fragile having given back all its recent gains to $1220, indicating potential for further downside and continuation of the downwards channel from end-Jan. A stronger USD is weighing on progress despite support from considerable global uncertainty.
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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