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Equity markets trying higher this morning, with poor Asian PMI data being shrugged off after passable Eurozone readings even if the UK’s print dropped to near a 3yr low. Could hopes of more China stimulus (or indeed the ECB’s Draghi next week) be propping up sentiment? Or is it an oil price nudging higher despite the Saudi’s saying a June production freeze was too early to see ramification of Iranian ramp-up. And the OPEC leader doesn’t trust any agreement with Russia. Corporate results disappointing with Barclays down after a dividend cut and more PPI, and Glencore after slumping to an $8bn FY loss from write-downs and restructuring. Little help to the index from LSE shares higher on hopes of a rival bid.
UK Index spiked spiked to 6150 to test late-Jan highs, but retreated already. DAX testing Feb highs at 9600. Wall Street found support at 16500 within its rising channel. Gold’s bounce faltered after revisit close to $1250. Retrace?
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UK 100 still flirting with 9-month falling resistance. Late Jan highs have been tested, but a proper breakout is still lacking. A close above (if not 3) still required to convince. Rising support from 5500 lows still valid at 6040.
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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DAX testing late Feb highs 9600, which open up the chance of any rally getting as far as 9900. Any big drop back lower could keep the index within the prior sideways channel.
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 held back from falling highs from last week. This could lead to a retrace to towards recent lows 16450, and maybe even the base of a 6-week rising channel around 16300. A breakout would likely see a return to Friday 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
Gold’s bounce has lost momentum just shy of $1250, which produces a trend of shallow falling highs since mid-Feb. Retrace to rising support at $1220?
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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