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Equities mixed this morning – UK 100 pretty much flat despite some impressive performances by UK miners while Germany’s DAX made an early dash north buoyed by exporters (i.e. car manufacturers) on a Euro pullback. Dow Jones still testing support around July lows 17460 as US bourses await Friday’s non-farms report while digesting hawkish Fed commentary and a resultant stronger USD.
Gold back on the back foot, still suffering from a lack of demand with the outlook remaining dull as the current global macro-economic situation presents better alternatives to safe haven investors.
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UK 100 testing falling highs since April with any potential breakout likely to encounter resistance at or near the 200-day MA 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 continuing its (now) 8-day rally. testing resistance at the 100-day MA 11,575 while we note potential for 11600 to be the top of the final shoulder in a bearish head & shoulders pattern that began in 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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US Dow Jones futures still trading around rising lows from Dec 2014. Note a small bounce this morning giving potential for a bullish double bottom reversal making a return to 18,000 and above possible if sustained.
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’s long term woes continue with the yellow metal remaining in its slightly downwards trending range this morning. Will we see a bounce off support like that in Nov 2014?
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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