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Equities handsomely positive this morning thanks to Greece delivering what appears to be a more promising set of reforms proposals required to unlock the €53.5bn bailout it needs to secure its future within the Eurozone. A potential softening of neighbouring (read German) rejection on Greek debt relief after international pressure is also helping as is a second day of gains in China, reversing some of the recent rout. The brace of good news is buoying sentiment in to the end of the week appeasing recent market concerns about the pair of troubled nations.
UK Index rebound taken it just shy of 6700, making good headway towards closing last Monday’s gap. DAX gains found resistance at July highs 11300. Wall St still hindered by falling resistance at 17720. Gold still held back by falling highs at $1165 as risk appetite saps safehaven demand.
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UK 100 ‘s bounce off October rising support 6400 taken it just shy of 6700. Potential to close 6720 gap but this does correspond with falling highs dating back to end-May. Bulls hopeful of seeing 7000 while Bears eye another retracement to recent lows.
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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 bounce off its 200-day MA helped the index make a solid break above June falling highs. However the rally has been checked by July highs 11300. Note any attempt to close last Monday’s gap at 11400 is likely run into trouble from the ceiling of the dominant 3-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 held back by two sets of falling highs from end-June and the 200-day moving average which makes a break above 17800 hard work and limits potential to fill last Monday’s gap at 17900 and deliver a proper reversal.
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 once again lost recovery momentum, held back by falling resistance from mid-June. Potential for another visit to 3.5 month lows. Risk appetite and USD strength trumping demand for the safehaven.
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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