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Equity markets positive again this morning as optimism remains of a Greek solution despite continued contradiction from both sides with PM Tsipras first saying willing to accept all creditor proposals then asking for changes and telling electorate to vote ‘no’ while Eurogroup says ‘happy to help’ but forbids further talks until after Sunday’s referendum. Be prepared for another loooong Greekend folks.
UK Index back above 6600 but still struggling to better 6630. Similar situation for the DAX, unable to break above 11300, and Wall St finding 17800 to be a hurdle. Gold still weak on USD strength and surprising lack of safehaven demand, but found support at June lows $1162.
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UK 100 managing to hold recovery from 5-month lows but still struggling to get above 6630 which keeps the downtrend from 24 June highs 6875 intact. Can a breakthrough be delivered? Can Monday’s gap be filled?
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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 also still recovering from recent lows, but clearly hindered by resistance at 11,300 which prevents it from closing Monday’s gap-down. Sitting just above mid-range of the 3-month falling channel.
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.
Click here for help with Support & Resistance Click here for help with technicals
US Dow Jones holding around yesterday’s highs, maintaining its bounce from near 3-month lows. Needs to break above 17800 in order to challenge Monday’s high and close gap. Back above 200-day MA.
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 has seen its downtrend from mid-Jun persist and take the metal back to early June lows $1162. Can this hold or will it give way to May lows $1142. Still failing to act as a safehaven due to a) strong USD hurting from rate hike expectations and alternative safehaven demand in the world’s reserve currency, b) Strong USD increasing appeal of cheaper JPY, c) failure recently to act as safehaven in times of worry over Greece.
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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