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Equity markets are mixed this morning, although hanging on to the handsome gains of the week. Sentiment is being helped by commodities strength as the oil price turnaround continues on an improved outlook and metals prices recover more of their lost ground on hopes of restricted supply and a global growth revival . Markets off their highs, gearing up for the afternoon’s key event – the ECB monetary policy update. While no changes to rates or QE are anticipated after last month’s cuts and increase, respectively, President Draghi’s press conference may see him try again (more successful this time after last month’s fiasco) to talk down a strong Euro to boost regional competitivity and growth by reducing the currency headwind facing exporters.
UK 100 broken below 6400, close to testing this week’s 6370 breakout. DAX30 retreated from 10500 to test this week’s rising support. Wall Street/Dow futures holding sideways around 18150, after making fresh 10-month highs. Gold back at recent $1260 highs as metals prices push on.
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UK 100 off its best levels, but holding its April uptrend towards 6600. Possibility of a breather back to 6350, as we suggested yesterday before northerly march resumes.
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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 DAX has broken below this week’s trend of rising lows, but remains in its April uptrend. Breather required? Support possible at yesterday’s 10375 breakout level.
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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The Dow Jones is sideways after making fresh 10-month highs last night. Still holding April uptrend. Does the rally have legs? Just a pause?
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 testing recent highs after the bounce from 2016 rising support. If the hurdle can be overcome, potential to regain this year’s March highs and keep the long term reversal in motion.
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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