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Equity markets in the red this morning but not quite down and out, holding up near recent highs, still in up-trends, just unable to make meaningful progress. This suggests the recent momentum of the recovery has run its course and markets are in need of something else to get their teeth into to the drive us further north, or send us back south. A pullback by oil and industrial commodities from key technical levels is sapping risk appetite as is another Miner showing us how tough things are (BHP Billiton), needing to cut its dividend and another Bank selling off on disappointing results (Standard Chartered).
UK Index osculating around 6000 deciding if it wants to continue its uptrend or sell off. DAX back at rising 2-week support 9500 with potential to re-test 4 Feb highs 9600.Wall Street now in a shallower uptrend but looks safely above 16500. Gold in a narrowing continuation pattern around $1210.
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UK 100 still testing 3-month falling resistance and yet to make a break-out it can hold on to. Rising support from 5500 still valid. Yesterday’s high allows us to add an intersecting trend-line of resistance towards end-Jan highs of 6125.
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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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DAX holding its 2-week uptrend (channel?), and breakout from the December falling channel. Potential for another attempt to break above 9600.
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 found support around 16500 to confirm a shallower uptrend, which could help usher the index back towards recent highs and then 16700.
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 is sitting in a narrowing continuation pattern around $1210 which could result in a breakout and a revisit of recent $1260 highs should risk appetite go south again.
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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