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Equity markets are mixed this morning as investors the world over digest positives and negatives in equal measure. The beginnings of Chinese economic stimulus in the form of reduced deposits for home buyers has buoyed Asian markets while Wall St. has pulled back after a healthy overnight performance. UK 100 is still range bound as continuing, even worsening concerns about the ability of the Greek government to solve the indebted nation’s cash crisis loom large in investors’ minds. The DAX has shrugged off Greece and is heading North on the back of some impressive macro data, while the burgeoning US Dollar Basket is weighing on fellow currencies and commodity prices, putting Gold back into a downtrend within a month long sideways channel as global uncertainties fail to support the price this week.
UK 100 has exited a second bearish flag pattern early to trade flat beneath resistance around 6912, some way below last week’s all-time highs. A surefire test of this level is needed and a subsequent break above would put the index on a Northerly course not without significant technical hurdles.
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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 is comfortably back above 12000 and tunneling its way through resistance at 12100, just 121 points away from all time highs. Upbeat macro data is helping the index, and a decisive break upwards will put 12200 firmly in the sights.
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 is testing rising support around 17922, a bounce off which would allow a re-test of the 18000 level.
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 is now sliding into the lower half of a sideways range having spent the whole of March between $1142 and $1224. Due for a bounce off $1175?
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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