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Equities back in the red, with an understandable element of traditional risk-off into the weekend as the debate about a Fed rate hike next week continues with gusto, calls for it to hold off multiplying, and data from China on Sunday morning having potential to do the usual and muddy the waters on global growth yet further. Stimulus hopes to be boosted or dashed?
UK Index pulled back from 6200 Weds highs to test 6130 rising support from Aug 25. Dax testing 3-week rising support 10115. Dow still in uptrend from 26 Aug. Pullback from Wednesday yet to test either rising support 16200 or late Mon lows 16160. Gold’s back below $1110, with Wednesday’s breached $1116 support having turned resistance.
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UK 100 back testing rising support from Aug 25. Bounce or break? 6200 proved a hurdle overnight.Falling lows since Tuesday. Falling highs since Wednesday.
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 dropped back from channel ceiling to test rising floor at 10085. Uptrend from Aug lows still alive, but turnback from 10520 seen falling highs since. Note RSI back oversold.
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 back around rising lows 16200 of what now looks like a bullish ascending triangle pattern with potential to break higher. However, risk that 16400 resistance means new downtrend from Wednesday’s highs and that any break is lower.
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 has pulled back from $1115 with the level having turned resistance following the breakdown through support on Wednesday. Uptrend from late July, but downtrend from late August. Which will prevail?
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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