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Equity markets are flat flat flat this morning. Investors may be in dress-down mode ahead of the weekend, although recent Friday afternoons have been UK Index high time so it would be unwise to speak too soon. The UK benchmark and German DAX are wallowing in Greek worries while the US Dow Jones index is treading water as a divided Fed weighs up its options: get in at the shallow end or jump off the diving board? Gold back above $1200 with the Dollar basket trending down since 12 April and elusive inflation targets weighing on demand for the yellow metal.
UK 100 is following 1-week rising lows in a narrow trading channel and climbing above 7050. A break above resistance to the upside yesterday failed to hold and the index is bouncing along support today.
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 taking a break from its pullback this morning having posted nigh on 300pts of losses yesterday. The index is in a steeply falling trading channel and has bounced up off support around 11910.
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 resistance turned support having popped out of its downwards channel yesterday, with the index muted and trading sideways for the time being.
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 continuing to recover this morning, holding above bugbear level $1200 supported by 4-day rising lows – a potentially bullish formation. Potential for further upside if the yellow metal can break above solid-looking resistance around $1210.
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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