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Equity markets rather mixed this morning, although largely holding up around overnight highs following a strong 5-session rally. Bulls still angling for meaningful breakouts. The price of oil back near recent highs is helping sentiment, although we fail to see what OPEC progress has been made – Iran clearly not ready to play ball and freeze production. On top of this, US Crude and Brent remain hindered by falling highs resistance from end-November.
Focus has perhaps shifted back to monetary policy and dovish Fed minutes alluding to concerns about market volatility, likely to see it hold off from further rate hikes any time soon. Maybe also some relief from improved China inflation/deflation data? Valid points or clutching at straws to keep the rally going?
UK Index struggling with ceiling of 30-month down channel at 6030. DAX made breakout from 2-month downtrend at 9300. Wall Street still struggling to better 1-month highs at 16500. Gold breached 3-day rising support at $1205.
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UK 100 reached ceiling of 3-month falling channel retracing moset of February’s declines. Rally over, or just a pause? RSI overbought and turning over.
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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 through the 9300 ceiling of the 2016 down channel. Further upside possible to 9600, with support around 9400. RSI not yet overbought.
Solid Green line
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 still in 1-month sideways shift, and still trying to better the ceiling. Uptrend still valid, with rising support at 16400. RSI overbought and plateaued.
Solid Green line
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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Gold broken below 3-day rising support, with the converging triangle quite rightly turning out to be have been a continuation pattern for the prior downtrend. RSI suggests 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.
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