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Equities posting healthy gains thanks to revived stimulus hopes from Japan and China coupled with expectations that the Fed may bow to ‘requests’ from the likes of the IMF and World Bank to hold off from a rate hike next week and avoid a more negative financial market reaction and potential turmoil in emerging economies.
UK Index & Dow broken out from recent narrowing patterns, maintaining uptrend and recovery from 2015 lows but so far unable to get above key late-August highs. Dax made more meaningful break from bullish ascending triangle and subsequent pullback already found support. However are these Break-outs or merely fake-outs? Gold bumbling along around $1120-1125 with risk appetite negating demand for the safehaven.
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UK 100 broken out from recent narrowing pattern. This keeps alive uptrend from 2015 lows, and the possibility of regaining 6700, however, we note inability so far to get above the key 6260 late-Aug highs we have been highlighting recently. Close but no cigar just yet.
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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 broken out from bullish ascending triangle pattern and prior resistance turned to support. At first glance, a bullish reversal been delivered Potential for gains to built on and 11000 regained.
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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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US Dow Jones futures, like the UK Index , has broken out from its recent narrowing pattern but has yet to better the late Aug highs we have been harping on about. Watch for support at 16600 to keep 3-week recovery uptrend alive. A test of 16500 could be a worry.
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 moving closer to the apex of a bearish descending triangle pattern. Still in downtrend from Jan as risk appetite and strong USD hinders safehaven appetite..
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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