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Equity markets back in the red, as might be expected on a Friday ahead of yet another crucial weekend for the Eurozone sovereign debt crisis, with the Greeks set to vote yea or nay (ironically, yes = nai in Greek while Oxi = no) in a Sunday referendum on bailout conditions which could decide the troubled country’s (and PM’s) future within the eurozone currency club. Polls closely called. Markets duly cautious.
UK Index back at 6600, struggling with 6650 resistance. DAX back below 11100 and facing south within 3-month downtrend. Wall St still finding 17800 a hurdle. Gold bounced from fresh 3-month lows $1157 but still in 3-moth downtrend. Safehaven?
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UK 100 still in uptrend recovery from recent 3.5month lows, but also struggling to overcome 6650. This keeps downtrend from end-May alive. Bulls still hopeful 6700-6750 gap can be filled. Bears still looking for another leg down towards 2015 lows 6300.
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 showing shallow declines into the end of the week, with resistance moving down from 11,300 to 11,200. Still in middle of 3-month falling channel range. Bulls want to close 11300-11400 gap, bears want to revisit 200-day moving average 10650.
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 holding above 200-day MA but unable to break above 17,850 which taking the wind out of the recent bounce from near 3-month lows and keeps alive the the downtrend from mid-May. Can Monday’s gap be filled or do we go lower?
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 bounced off its trendline of 3-month falling support which could see it regain $1190 if 3-week falling highs can be breached. The fresh 3-month low yesterday keeps the downtrend from mid-May alive meaning we could revisit Mar lows $1142.
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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