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Equities have given up early gains as investors digest a confusing outlook for the Fed‘s rate-rise lift-off, a mixed Q2 earnings season, another batch of disappointing PMI data from China fuelling concerns about the global growth outlook and Greek stocks nursing heavy losses as the Athens Exchange reopens after a 5-week bailout referendum-enforced holiday.
UK 100 sideways at 6675, digesting bounce from 6500. DAX30 uptrend from 11030 intact. Dow Jones trading back from bounce highs 17800. Gold still struggling with $1100 resistance.
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UK 100 still in uptrend from 6500 although struggle at 6700 since Friday suggests pause for digestion of recent gains. Upside potential to 6800 July highs then 7127 2015 highs but beware falling highs and 200-day MA resistance 6770.
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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 from from last Monday still in progress. Rising channel? Test of 11400 this morning shows appetite to revisit July highs.
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 trading back from 17800 digesting its recent 400pt advance. Watch for bounce from 17640 to keep uptrend alive.
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 remains in depressed narrow range $1080-1100 hindered by strong US$, lack of safehaven interest, no income/yield, poor 2015 performance, general commodity weakness and lack of inflation needing a hedge.
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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