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Equities positive this morning as China (and Asia) benefits from a bounce as regulatory ‘kitchen sink’ intervention finally offers some respite from the recent equity bubble bust and steep declines. Dead cat or the real thing? Optimism rising that Greece will deliver on promised proposals, both on time (today) and extensive enough (€12bn of reforms?), to allow Creditors sign off on a third bailout for the beleaguered nation rather than its exit from the single currency.
UK Index made a break above falling highs at 6500. DAX teasing with its own breakout at 10800. Wall St made a third bounce off 17500 but yet to challenge falling highs from end-Jun. Gold shown signs of life with rebound but already encountered $1165 resistance.
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UK 100 ‘s bounce off October rising support has continued and allowed the index to break above falling highs from end-June. Back above 6500. Rising lows from 5 July. Bulls excited at rebound prospect, but bears still highlighting to downtrend from end-May.
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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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Having found support at 200-day moving 10680 Germany’s DAX teasing with a breakout beyond falling highs from end-June. Enough to get bullish about? Still within confines of 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.
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US Dow Jones found support around 17500, but yet to clear 17800 or fill last Monday’s gap to reinvigorate Bulls. Still volatile and hindered by 17731 200-day moving average, and still sideways? Pause before rebound or breakdown?
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 rebounded from fresh 3.5 month lows, but currently being checked by accelerated falling resistance from mid-June. Can this be broken or need the safehaven correct all the way to 2015 lows $1142, even Nov lows $1130, first?
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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