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Equity markets positive this morning, showing solidarity and resilience in the face of adversity with the Parisian bourse the standout performer in a message of unity to those who terrorized it this weekend. Economic data and central bank policy on the back seat for the moment, as the indices recover from recent lows after a commodities led rout. Index corrections over?
UK Index revisited and bounced strongly off 6000 Aug rising lows. Dax bounced off September highs 10500. Wall St found support at 17100 via intersecting trendline from 27 Aug highs. All still have recent downtrends to reverse. Gold benefiting from safehaven seeking but not as much as might be expected.
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UK 100 bounced strongly off 6000 Aug rising lows and is trying to get back within the confines of the the recent falling channel. A breakout could allow recovery to 6250 while failure could mean more downside.
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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 found support at September highs and intersecting trendline going back to early September . Potential for rebound, with RSI rebound from oversold, but upside likely capped at 11000 via July falling highs.
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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 found support at intersecting trend line going back to late August highs. Still in uptrend from August lows, although downtrend of the last few days needs to be overcome.
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 bounced off recent lows helped by safehaven seeking and in spite of USD strength. Work to do before the word rebound can be employed
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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