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Equity markets are in recovery mode this morning with the UK’s UK 100 staging an impressive bounce off support, led by the UK banking sector as analysts express confidence in their resilience after the BoE’s announcement of a particularly brutal set of stress tests for 2015. German factory PMI data has lifted the DAX in similar fashion, posting its highest upturn in 11 months. The Dow Jones is the worst performing of the three, creeping up on continuing US Fed chatter about interest rate rises with sentiment currently reclining in the hawkish camp. Gold again settling into a sideways trading range as the US Dollar basket recovers last night’s losses.
UK 100 has bounced off support at 6671 after a massive sell off yesterday and is climbing back up towards the upper bound of a downwards channel that began shortly after the making of fresh all-time highs on 24 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.
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Germany’s DAX is back above 12000, again, having dropped below yesterday. Bulls looking for a recovery towards and break above 12100, with rising support hopefully propping up the index if it falls back.
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 also recovering this morning having yesterday fallen back below rising support which has now once again become resistance. Two red coloured hurdles sit in its path back towards all time highs.
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 is still heading sideways today, but south for the first quarter of 2015 in fairly textbook tramline style. Looks to have found support at $1178 although a decisive bounce off this level has not materialised.
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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