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Equity markets mixed ahead of the ECB’s hotly awaited monetary policy update, but largely treading water. This is seen as an opportunity for President Mario Draghi to redeem himself by putting his money (Germany might say otherwise) where his mouth is and deliver the boost to QE that markets were left wanting for in December. Once again, markets holding recent highs and a 4-week trend of rising lows bolsters the chance that a positive outcome serves to provide the leg up that markets having been looking for. Then again, never underestimate the potential for central banks – and indeed market reactions – to surprise or disappoint.
UK Index consolidating around 6140, waiting for a reason to extend uptrend, or correct lower. DAX holding around 9700, still in 4-week uptrend. Wall Street sideways at 17050 towards apex of recent 17100 ceiling and 1-month rising lows. Gold still under pressure towards $1240 multiple support.
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UK 100 trading in a very narrow range 6130-60 awaiting its next move. Are we set for a correction, or will the recent rally be extended?
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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 holding its month-long uptrend at 9700. Bulls angling for a re-test of 9900, while bulls are looking for a break of 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 continuing to consolidate into the apex of a narrowing pattern. Uptrend still valid, meaning potential for break higher towards 17500, although a break below 16900 could put paid to it.
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 backtrack has slowed up around $1250 just above multiple support at $1240. A major ECB-led equity rally could result in a breakdown, while a Draghi disappointment cld see the yellow metal revisit recent 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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