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Equities are strong thus far on a nonetheless choppy Monday trading session. Possibly still helped by oil price strength, although we note both benchmarks now selling back from their week-end highs – highs made on data that typically has a short lifetime. Having said that, the run up to this week’s Doha meeting should keep oil price movement to a minimum. The UK 100 made a brief strong pop to take it back above 6200 on Copper & Iron Ore gains – seemingly themselves helped by indications the Chinese economy has seen some positive changes so far in 2016 – but has since sold back below the bugbear level once more. DAX30 is also coming back from its own bounce which briefly broke the 9675 level. Wall Street/Dow is still contending with a week of falling highs, despite showing strength on Friday. Gold has come back from early gains to test 3 day rising lows.
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The UK 100 is still sitting tentatively just above 6200 thanks to the rally in early trading. Yet to be seen whether profit taking will precede more northerly progress.
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Possible support
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Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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The DAX’s breakout last week above 30 March falling highs has gained traction with another breakout of 9673 this morning. 9729 the new key bullish watch level. Failure to do this could see a pullback to trade around the 3-week trend line once more.
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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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The Dow Jones is consolidating amid its 2-month uptrend. RSI and Momentum are testing their April falling highs which should encourage bulls looking for an eventual continuation. If rising support fails, however, note potential for the formation of a falling channel.
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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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Gold has had a strong few days on a weaker USD and is currently pausing at resistance around $1253. A pullback to test support around $1210 would excite bears looking for further downside.
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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