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European equities engaged in a technical and China-led sell-off this morning. News that Greek bailout talks could be concluded as early as Tuesday failing to buoy markets, the devil potentially residing in the details as concerns remain as to a) just how much this will cost the indebted nation’s creditors and b) whether that money will ever be seen again. We’ve also got that disappointing weekend data out of China now being taken on pessimistic face value rather than as an indicator of further stimulus to come.
UK 100 retreating hard from August 6765 resistance, DAX and Dow Jones in their own respective August falling channels and Gold being as Gold does: following the USD in a sideways range.
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UK 100 has come back hard from resistance 6765 and the 200-day moving average within a longer term trend of falling highs (since June). Potential for a ‘buy on the dip’ bounce off support around 6650 if that doesn’t turn out to be the mid-point of a bearish flag pattern
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 continuing to trade back from last week’s highs and the ceiling of its 4-month falling channel, not to mention additional resistance at the 100-day MA. Rising lows since early July giving hope that the index may break out above falling highs while a fall back to 11,000 also seems possible given the strength of aforementioned resistance.
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 still wrestling with a 3-moth falling channel with falling support providing little buoyancy. Note a breakdown below the 200-day moving average 17,844 (now resistance) testing a near 2.5yr uptrend. Will the index bounce back to keep it intact, or are we due a change in trend?
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 trending cautiously upwards as it continues to try to break away from its narrowing $1085-1100 range. Are fundamentals still too dire for a meaningful rebound? Note recent volatility throwing up multiple resistance hurdles.
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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