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Guess what? Today’s drivers are the same as yesterday’s, hampering yesterday’s equity market recovery from tests of significant technical levels of support. The Greece saga is doing the usual of getting louder from mid-week as fears grow of yet another wasted week and subsequent weekend. Caution is thus flavour of the day, heightened by the Fed’s Policy update and Yellen press conference which will provide the latest gauge on when the US central bank will raise US interest rates. UK 100 and DOW bounced off prior lows. DAX bounced from floor of falling channel. Gold sideways with upside hindered by falling May highs.
UK 100 back up above 6700 after testing April lows 6670. The recovery gives hope to bulls of a rebound towards 7000, but yesterday’s test sees Bears still watching for any hints of weakness which could send the index towards 2015 lows 6300.
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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Germany’s DAX recovered 200pts thanks to support at floor of falling channel. However, downtrend still very much in progress, evident via yesterday’s lower low at 10800. Still potential for fall back as far as 200-day moving average 10550, with any rallies hindered by combination of channel ceiling and 100-day MA at 11525.
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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US Dow Jones saw support hold at 17700. Potential for bullish double-bottoms if 18100 can be bettered. Target would be May all-time highs. Trend of falling highs remains to be bettered.
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 back around $1180 after the recovery from yesterday’s sell-off petered out overnight. Potential for rising lows from Monday to give support around current levels? Still sideways within $1173-1193 range.
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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