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Equity indices are largely positive even it off overnight highs. This stems from a bit of profit-taking following strong rebounds but only takes a little of the shine off a second-wind for risk appetite in the wake of dovish Fed minutes which many believe close the door on a 2015 rate hike, reduce uncertainty on timing (not until 2016) and helpfully prolongs the loose monetary policy party.
UK Index uptrend and breakout found resistance around 6445. DAX holding steep October uptrend. Wall St maintaining break back above 17000. Gold still testing $1153 highs of late September.
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UK 100 breakout at 6300 went as far as 6445 overnight. This level equates to a 50% retrace of the April-August 7100-5770 declines and could prove a hurdle. However, once over it, 6600 June falling highs look feasible, corresponding to 61.8% retrace. Not a bad recovery. And quick.
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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 is holding its steep October uptrend and back above 1000 bodes well for a revisit of 10400.
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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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US Dow Jones futures broken back above 17000 which importantly takes it above the lows of Dec and Jan and into the top half of the 2015 trading range which means potential for a return to levels last seen in June/July
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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 continues to test recent $1153 highs. Can the breakout take it out from a narrowing pattern and 8-month downtrend? Helped by weak USD on dovish Fed message.
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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