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Equity markets are back on the up this morning with UK 100 encouraged by oil stocks following Citigroup’s upgrade on Tullow. Investors are back in the game in the US taking Wall St. higher, albeit in a shallow uptrend, as reports come out that US oil production will hit record levels in 2015. This will be seen as good for US stocks from a self-sufficiency point of view as well as an indicator of effective streamlining in the sector – falling rig counts and increased production – in the wake of low prices. The DAX is sideways yet mildly positive with German wholesale prices firming 1% in March, the biggest MoM rise in over 2 years. Gold is back below $1200 with a once again strengthening dollar and a weak Chinese economy taking the shine off upside potential for the yellow metal, this despite considerable geopolitical worries which traditionally boost safe haven demand.
UK 100 is embedded above 7000 and trading sideways beneath all time highs around 7100. Support breached at rising April lows. Bulls looking to another test of 7100 while bears will eye a pullback and breach of 7050.
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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 also sideways, wrestling with resistance around 12333 with volatile trading on Tuesday morning.
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 working its way up at a snails pace on low trading volume ahead of results season. Now back in the upper part of its sideways channel, recovering losses after yesterday’s spike.
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 back below $1200 and testing support around $1195, a breach of which would see continuation of a downtrend from 5-April.
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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