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Equities positive this morning despite a mixed Asian session with investors unsure how to start the week despite odds of a Fed rate hike having lengthened due to a potential external shock and more disappointing data from China bolstering the case for further stimulus. While both would normally be taken as positives for risk (accomodative policy for longer) the uncertainty related to the Fed is being taken as a negative (it could still hike, we just don’t know) as is the China data confirming a worrying but well flagged trend of slowing growth.
UK Index holding uptrend from Aug 25 with support at 6130. Dax testing 3-week rising support 10100; sideways 10010-10300. Dow holding uptrend from 26 Aug towards Sept highs 16700; 16400 turned supportive. Gold resistance at $1110 maintains downtrend from Aug highs $1170. September falling channel
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UK 100 holding uptrend from Aug 25, in rising channel, but unable to get above 6200 since last Thursday. Break-out or break-down?
Solid Green line
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 holding above floor of rising channel at 10100. Falling highs since 9 Sept.
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 maintaining uptrend from Aug 26. Bounce off floor seen rise above 16400 and the level prove supportive since. Still potential for bullish ascending triangle pattern which could break towards mid-Aug highs.
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 pulled back from $1110 which keep downtrend in play and puts the safehaven metal in falling channel for September. Nonetheless, support at $1100 and uptrend from late July is holding for now
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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