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Equity markets are treading water this morning in anticipation of today’s vote by German lawmakers on a third Greek bailout under an umbrella of discontent among the German press – top selling tabloid ‘Bild’ offering its advice: ‘Just Say No!‘ Grexit billed by Bild as ‘ a better solution.’
Nonetheless, Grexit plans have been shelved for the foreseeable future. The breakup of the single currency block is to be avoided AT ALL COSTS. And what costs!
UK 100 still holding just below 6800, DAX30 back at 11700 and the lower bound of a 24hr 100pt range and Dow Jones in consolidation, back below 18100. Gold still testing 2015 lows.
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UK 100 still testing resistance at falling highs as the index consolidates ahead of the weekend and potential further gains next week as the Greece situation grinds onward to completion (until the next one). Note 200-day MA @ 6800 remains the major hurdle.
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 taking a break from its July advance having encountered resistance at 11,700. No significant pullback as yet to test key support 11500 and 11600. Potential remains for a revisit of 12000, though perhaps not today.
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 struggling to make headway having broken out above May falling highs, with the strong bounce from 17500 losing momentum and dashing hopes of a revisit of May all-time highs by the end of play this week. Round number 18,000 remains a key watch level in the event of a retracement.
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 still testing 2015 lows. Weak support / strong resistance and Hawkish fed rhetoric set to push the price even lower? Or a miraculous return to safe-haven status and recovery on ‘fear of the unknown?’
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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