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Equity markets are risk-on again, happy to see another major central bank join the negative interest rate party, helping offset what looks to have been a premature Fed hike last month and maintaining faith in policy staying ‘lower and looser for longer’. Equities holding up around recent highs, showing interest in a second wind of recovery from January lows, but still needing to make decisive breaks before being convincing enough for new bulls. An oil price further from its depressed its lows also helping build on market recovery sentiment in general, even if the driver is speculative at best.
UK 100 still hovering around 6000, trying to break above 3-week highs 6030. DAX in middle of recent 9600-9900 range. Wall St sitting in rising channel, but struggling to better yesterday’s 16235 highs. Gold trending back towards $1110 breakout on USD strength and market risk-on attitude into week-end.
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UK 100 holding up around 6000, still in uptrend from 5600 lows, with bulls hopping for a 6030 breakout before a second wind of gains towards late December thighs via bullish inverse head & shoulders reversal.
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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 remains rangebound 9600-9900, still consolidating its 500pts gains from January lows and breakout from 2016 downtrend. Note 9800 resistance overnight and falling highs since Wednesday.
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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 in bullish channel from Jan lows. Trying to better yesterday’s highs after 300pt bounce from rising channel floor, but work to do.
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 backtracking towards $1110 breakout on falling highs. Break of recent uptrend could signal end of recent recovery rally, although $1110 could serve as a floor for sideways action from here.
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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