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Equity markets maintaining their recoveries, as financials regain some poise and bulls have another go at bottom-picking. However, recovery is a big word given the shallow progress by the UK Index and DOW. The DAX is the outperformer thanks to a rebound by Deutsche Bank, on whom fears have focused over the last 48 hours.
UK Index in new lower shallow rising channel 5620-5685. Wall Street regained 16100, in rising 2-day channel 15900-16200. DAX broken back above 9000, but already faltered at 5-day falling resistance. Gold broken back below $1185 as its strong reversal loses oomph and markets take on a little risk.
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UK 100 simply shifted into a new lower channel 5620-5685 keeping long-term downtrend intact. Consolidation before rebound, or pause before another leg down?
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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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DAX broken above 9000 but already stalled at double falling resistance 9060. Breakout from downtrends or retrace to lows?
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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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US Dow Jones in rising 3-day channel, with potential to revisit ceiling around 16200. Bad news could easily dictate a backtrack to the 15950 floor however.
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 reversal has officially lost momentum with a break back below $1185.
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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