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Equities positively mixed this morning with UK 100 , though still in the red and nursing yesterday’s commodity price wounds, paring some losses alongside Wall St. futures while the DAX is back positive. It remains to be seen whether or not initial gains will turn out to be a dead cat bounce as opportune buyers snap up cheap looking Glencore shares (+10%) among others, after yesterday’s sell-off was called into question by Credit Suisse this morning.
Goldman Sachs also on the wires talking of much bumpiness to come with earnings season imminent and China woes set to hang around for a while yet, this complimenting a Morgan Stanley ‘mea culpa’ U-turn on its start-of-the-year energy sector appraisal. Will its September full house buy alert also come in for a re-evaluation?!
Gold and other commodities still hampered by US Dollar strength and an upcoming week-long Chinese trade hiatus.
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UK 100 off overnight lows at the base of a week-long 310pt range. Watch out for 5910 acting as support for a bounce after an initial pullback, with a subsequent break of 5950 putting 6000 and above on the cards.
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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 testing the neckline of a potential 12-month bearish head & shoulders reversal pattern. A good bounce needed to stave off the possibility of some alarming downside towards 8500 and below.
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 from resistance 16100 this morning. While 15900 could be tested again this week, keep eyes peeled for a pullback to be halted at 16000 or 15950, maybe when US markets start trading this afternoon, with a break back above 16125 confirming a potential relief rally of sorts.
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 dropped below support at Sept rising lows and into a narrow channel that could still help the yellow metal maintain a choppy uptrend into October. A bounce off the channel floor would be supportive of this while a break below $1120 puts more downside on the cards with an initial $1115 target.
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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