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Equity markets are continuing their northerly march, sentiment buoyed by hopes that a G20 meeting of finance ministers to discuss global economic stimulus can deliver the goods. Especially host China, whose central bank (PBOC) sees room for further easing of policy to address downside risks to its slowing economy. Add to this Oil prices back at recent technical resistance highs on Venezuela’s suggestion that a March meeting had been agreed by Saudi Arabia, Russia and Qatar, and we have the major equity indices delivering breakouts beyond recent highs (or close to doing so) which has the bulls excited about the prospect of overcoming the poor start to 2016.
UK Index broken out from 3-month down channel to re-visit 6100. DAX could be on its way to re-test late-Feb highs 9600. Wall Street in the midst of a break out from recent rising channel at 16800. Gold in a narrowing pattern with a $1234 apex.
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UK 100 broken out from 3-month down channel to test 6100. This allows for an attempt on Jan highs and 9-month falling resistance at 6130.
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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 remains in a 3-day uptrend, which could results in a re-test of recent 9600 highs. A breakout could allow for the run to continue as high as 9850 end-Jan highs.
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 in the midst of a breakout from its recent rising channel. Having regained 16800, this could clear the way for 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.
Click here for help with Support & Resistance Click here for help with technicals
Gold made another higher low which puts it in a narrowing pattern moving towards an apex and thus make-or-break decision around $1234. Will global risk appetite keep rising, hampering the safehaven? Or will fear return to send the yellow metal back to its highs
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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