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Equities just below the waterline this morning as fraught efforts to prevent a Grexit ahead of the German parliament’s Wednesday vote, worries about China, lacklustre US macro data and trepidation ahead of tomorrow’s FOMC meeting serve to keep markets subdued.
UK 100 now below support in its hitherto narrowing pattern, DAX testing the floor of its 7-day sideways range and Dow Jones trading above 17400 late July /early Aug support but below July falling highs.
Gold continuing to benefit from Asia Pacific currency concerns as well as a potential retuurn of safe haven demand after a dire US Empire Manufacturing print yesterday.
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UK 100 broken below support 6540, which will leave bulls clutching at straws for a rebound towards 6600 and above. Falling resistance at that channel ceiling providing stiff headwinds even if current downward pressures can be overcome. Bears will be fairly confident of a continued pullback towards 6500 given current macro-issues.
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 trading just below 11,000 and near an interim falling support line which could be providing some technical buoyancy this morning. Bulls hoping it holds while bears looking towards 10670. Note daily RSI testing support some way above oversold territory.
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 coming back from resistance at Aug falling highs while 17500 providing a modicum of support that could see a bounce towards 17600 and above.
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 recovery from 5yr lows continues to rest around $1120 with last week’s highs $1126 yet to be bettered. Safe haven demand returning?
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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