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Equity markets are in the red this morning with UK 100 and Wall St testing support at rising lows while Germany’s DAX is digesting some disappointing economic data as it slides below 11800 support and on towards the April lows from which it was, until recently, recovering. Gold recovering back towards $1200 as risk sentiment shrinks, buoying safe haven demand slightly, but only slightly.
UK 100 is still in the upper half of a 2.5 month rising trend despite two significant sell offs this week. Still testing support at 7000, a break below which is proving tricky with the index still very much in an upwards trending channel.
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 has pulled back further this morning into the lower half of its falling channel within a wider sideways trend. Intersecting horizontal and falling support around 11800 now breached with said falling support now reverting to resistance. Next stop support at April lows?
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
The US Dow Jones is also selling off this morning but managing to remain in a 1-month upwards trending channel. Rising support through April still holding having bucked last month’s downtrend.
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
Gold is back below $1200 having turned down yet again and is currently inhabiting the lower half of a falling trend from its April highs $1224.
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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