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European equities are taking another leg down after the strong gains of late, hindered by Eurozone PMI Services readings and despite HSBC China PMI Services edging up from a 6-month low and the PBOC adding to recent stimulus. Worries about slowing China growth still a concern ahead of the new target being delivered by Beijing on Thursday coupled with the US jobs report on Friday and fears of a Greek cash crunch. Note Aussie GDP growth at the slowest in a year, missing consensus. Gold holds its downtrend from Monday’s March recovery highs, hindered by a strong USD and lack of panic.
The UK Index continues to correct lower following its break below February rising support, which has since turned resistance. Potential for index to be taking a breather after strong start to the year and having just made fresh all-time highs. Uptrend from late 2014 intact.
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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 also broken below rising support which opens up the possibility of a correction from successive all-time highs, Daily RSI falling back from overbought.
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 fallen back to find support at recent lows 18132 which could stem losses in the short-term, although the trend of falling highs from recent all-time highs could accelerate on increased market jitters.
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 recovery appears to have lost steam with the strong chance that $1200 sees another test today and recent lows $1190 revisited for a test of the rising support trend dating back to early November.
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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