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Equities mixed this morning with UK 100 and Wall St. futures still supported by rising lows from 24 Aug and buoyed by the prospect of cheap money for a little while longer after a risk-off weekend, while Germany’s DAX is suffering after Volkswagen admitted to systematically cheating on US emissions tests, leaving it vulnerable to $billions in fines and possible criminal prosecutions. That in addition to continued worries surrounding the migrant crisis and Greek elections that have returned Syriza to power, with the potential for that to mean further protracted negotiations about Greek debt which, let’s be honest, could probably have been avoided with New Democracy for the same or similar eventual outcome.
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UK 100 recovering this morning having completed its bearish head & shoulders reversal pattern at 6063. Resistance encountered on the rebound at 6140, while we note a potential bullish ascending triangle reversing the longer term downtrend on daily chart.
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 broke down below support in its recent sideways channel, now in a mini-falling channel. Potential for support to be found around 9800 while a breakout above 9900 and then 9950 could signal a reversal of recent 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.
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US Dow Jones futures continue September’s rising channel after correcting late last week, with a bounce off support giving bulls hope of a re-visit of channel ceiling 16850 or thereabouts. Bears looking to resistance around 16500 to take the wind out of Wall St’s sails.
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 found resistance around key level $1140 with recent rally stalled by a stronger USD and a risk-on start to the week. Could continuing global growth worries make this merely consolidation before further gains?
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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