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Equities very mixed this morning as we move into the latest (but supposedly last) period of wait and see on a Greek bailout deal. All, however, still struggling with short-term downtrends. EU leaders clear – this is your final chance to avoid exit from Eurozone. European equities positive suggests hope of progress before the weekend deadline but only just off recent lows. US markets in the red, reversing from their strong finish after Asia rocked overnight by another strong China sell-off despite continued fruitless intervention by regulators.
UK Index holding 6450, awaiting breakout or breakdown. DAX maintains 3-month channel’s southerly course. Wall St sideways 17500-17800 after yesterday’s fake-out. Safehaven Gold very troubled, staring at Dec/Mar and Nov lows $1130-1140.
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The UK 100 remains under the cosh of falling resistance from end-June. Long term rising support exists around 6400 and a breakout at 6550 could deliver swift upside. However, the falling wedge/descending triangle pattern of the last three days could also lead to a breakdown and a bee-line towards 2015 lows of 6300.
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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 continues to make new daily lows, keeping the downtrend from mid-March very much alive. Support still lingering around 200-day moving average. Like the UK Index also hindered by accelerated falling resistance from end-June.
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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The US Dow Jones breakout failed miserably (fake-out), retracing all the way back to retest 17500, before bouncing again. Volatility rife. Still held back by 200-day moving average 17727. Sideways now 17500-17800? Or merely a pause before resumption of 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.
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Gold still struggling to act as a safe port in a storm. Falling highs since Jan accelerated since mid-June. Now broken below shallow falling support at $1160. All eyes on Dec/Mar support at $1142 and Nov support $1130.
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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