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Equity bourses mixed this morning with the UK Index easily outperforming on strength from miners and Oil as risk appetite rises. Also of help were strong gains by Asian equities as Japan Post surged on its IPO debut, Chinese stocks rallied on hopes of further market liberalisation, ECB President Draghi delivered more dovish rhetoric yesterday evening and PMI Services reads for the Eurozone have been good this morning.
UK Index testing 6440 falling highs dating back to May. Breakout? Dax holding its breakout above 10900 July falling highs. Wall St bullish flag pattern breakout nearing 18100 target. Gold fallen as far as $1115 July rising lows.
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UK 100 testing May falling highs at 6440 with potential for a breakout to see the September rally repeated thanks to a bullish flag pattern. It could also signal continuation of the 6270 breakout of the summer double-bottom
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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Germany’s DAX breakout above July falling highs persist, meaning potential for the May falling highs at 12000 to be revisited. Although 11000 is proving a hurdle so far and RSI has tentatively turned back from being slightly overbought
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 still in strong uptrend, close to completing bullish flag pattern at 18100, and thus taking it ever closer to revisiting all-time highs. Watch for a turnback by the overbought RSI.
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 support at July rising lows $1115 but remains in a strong downtrend from late October $1180 highs. Bounce, or worse to come? Note RSI now oversold.
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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