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Equity markets treading water this morning with UK 100 and DAX30 consolidating mid-downtrend on some good services PMI prints from France, Germany and the Eurozone and in the hope that Greece will be thrown a life line by creditors today. The same drivers conducting Wall St. with the US services PMI and mortgage applications due later today. Gold off this morning after the dollar basket found support with a bullish double bottom formation likely to weigh further on the yellow metal, which is also suffering from a surprising lack of safe-haven demand given the current European situation.
UK 100 trending down since hitting end-May highs 7072 with potential bearish double top formation making a return to 14 May lows 6880 and below a key target for those with short positions. A favourable outcome in Greek bailout negotiations today could turn things around for the bulls.
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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 has broken decisively below 5-month rising support (now resistance) and the 100-day moving average, potentially settling into a sideways trading range having found horizontal support around the 11260 level.
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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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US Dow Jones is struggling to carry the weight of falling resistance since 19 May as it continues to trend downwards while support at 18000 appears to be offering some respite. Nonetheless, if falling highs continue then we are in bearish descending triangle pattern territory.
Solid Green line
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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Gold heading back south this morning though rising support, reinstated on 27 May likely to prevent significant losses below $1185. Safe-haven demand lacking despite Eurozone uncertainty.
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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