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Equities firmly in the red with sentiment under the cosh from a host of drivers. The heavyweight mining sector is well bloodied as the USD continues to rally from its post-Fed-hold lows to hurt commodities. Concerns over global growth persist and the cost of restructuring and balance sheet bolstering is finally hitting home. Some poor corporate results, abandoned M&A, Volkswagen’s emissions cheating, Syriza back in power and Middle East instability are also adding to the unhealthy mix.
UK 100 sub-6000 to test September lows having broken below end-August rising support. The DAX has sold off sharply from another failure to overcome 10000. Wall St. seen late-August rising support turn resistance at 16600. Gold back above $1135 thanks to safehaven seeking in the face of a risk-off attitude.
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UK 100 broken down from end-August uptrend. Hopes of breakout from bullish ascending triangle dashed. Watch for 6070 turning from support to resistance. Now below 6000, is it bounce or break?
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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 has abandoned the uptrend from lat August. Downtrend from mid-August resumed. The 10000 level appears a struggle now with failed attempts yesterday and this morning. A decline to 9600 could complete a bearish flag pattern?
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 seen resistance turn support at 16600 which could help resume the downtrend from mid-July. Nonetheless, 15 Sept support holding at 16315.
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 bounce from $1100 continues although resistance encountered at $1140. Could $1150 be seen before the rally loses steam? Risk-off helping safehaven appetite although hindered by strong USD.
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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