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Equity markets off their recovery highs, understandably taking a breather after the strong gains of late last week. Sentiment nonetheless buoyed by an oil price oil off its 12yr supply-glut fuelled lows and thoughts that, perhaps, all that doom and gloom of late has been overcooked. Add to this fresh faith in major central banks saying/doing what is necessary to keep the ball in the air and risk appetite remains improved into the new week, hopefully reversing the rough start to 2016.
UK 100 testing 3-day rising support amid hopes of recovery to 6000. DAX reversal slowed at 2016 falling highs 9800. Wall St holding 16000 having joined the UK Index in bettering the 2016 downtrend. Gold back above $1100 as risk appetite cools, but 2016 uptrend dominates.
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UK 100 pulled back from 5950 highs to test trend of rising support. Having broken the 2016 downtrend, beware resistance at 6000.
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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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The DAX may have rallied, but it couldn’t break the 2016 downtrend, despite Draghi’s hints at more stimulus traditionally boosting the German index.
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 broken above 2016 downtrend and now holding 16000 as last week’s late uptrend takes a break. If 16000 proves supportive this could help propel the index towards 17000
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’s maintains its uptrend from $1050 lows having accelerated amid safehaven seeking of the recent 2-3 weeks. Any break above $1100 could see a run to $1140.
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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