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Equity markets are making a solid start to the week, continuing with their post-ECB bounce. Poor China data over the weekend has stoked the fires of stimulus hopes, helping commodities and miners, which maintains the February uptrends and keeps Bulls hopeful of proper breakouts to extend of current rally and get major indices back to positive territory for 2016. Bears, however, persist in highlighting inability of major indices to register a solid advance through recent highs resistance, intent on talking the markets back south. While no policy change is expected from a host of central banks this week (BoJ, Fed, BoE, SNB) markets are well aware of how easily rhetoric can prove just as important, sometimes more so.
UK Index turned back just shy of 6200 to maintain a 1-week trend of falling highs. DAX broke above 10000, only to fall back just as quickly. Wall Street had an early attempt at 17200 but has settled back just below. Gold bounced off $1250 2-month rising support.
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UK 100 already turned back from another attempt at 6200 which adds to the trend of shallow falling highs just above the 200-day moving average (6187). Continued consolidation?
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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 already tested 1000 resistance this morning which shows appetite for a breakout and continuation of the uptrend. Beware any negatives on the Eurozone or EUR sending the index back to rising support 9500
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 still hanging around, trying to engineer a breakout at 17200. battling with both rising and falling resistance. Safely above 200-day moving average.
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 has found support at $1250 after retreating from Thursday’s fresh 13-month highs. Steep uptrend from mid-Jan still alive, with potential for this bounce to result in another attempt on recent $1280 resistance.
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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