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Equity markets are higher this morning despite disappointing China manufacturing data (contraction; 11-month low) signalling another slow start to the year for world’s #2 economy. Risk appetite buoyed by hopes that global monetary policy remains accomodative for the foreseeable future and the presumption that Beijing will add stimulus if needed. European PMIs better then expected this morning, adding to positive wind from QE . The Greek saga continues with another discussion call on Wednesday while reforms are to be presented on Monday. Gold holding around 2-week highs.
UK 100 weakness around the open found support at rising lows from 13 March at 7010, and we have since made a test near recent all-time highs. Watch for key 6695 breakout level to serve as support again on any weakness. Daily RSI been neither overbought or oversold of late.
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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 again found support around 11800 helped by rising lows dating back to mid-February and the 20-day moving average as highlighted yesterday. Still wary of falling highs since 16 March?
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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’ rise appears to have stalled at 18200 although with support around 18100 this could merely be consolidation of the gains from 17600 lows earlier in the month.
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 continues, edging higher on the weaker USD and uncertainty. Currently testing late Feb support $1190 before the key $1200-1220 which held the yellow metal from mid-Feb to early March.
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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