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Equity markets are on the back foot this morning, but doing their best to hang on to April uptrends. Another breather may be on the cards into the week-end after the price of oil came off its highs (markets still very sensitive to the price of a barrel). Strength in the Greenback – thanks to ECB President Mario Draghi finally succeeding in talking the Euro down, even if only marginally – is also weighing on the dollar-denominated commodities space and the miners. Add to this a brace of disappointing results from US tech behemoths Alphabet (Google) and Microsoft and corporate sentiment is being kept in check. However, this is in the context of what have been very strong circa 20% rallies from 2016 lows. And with decent extension in April. Reversal, or merely the usual risk-off into the weekend?
UK 100 testing yesterday’s 6332 lows and the April uptrend. DAX30 trading just above yesterday’s 10350 lows. Floor?Wall Street/Dow futures also testing April and February uptrend at 17950. Gold holding around $1245 above 2016 rising support.
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UK 100 testing yesterday’s 6332 lows and the April trend of rising lows. After strong gains in April which extended the Feb rally, is this the start of a reversal, or merely a consolidation bump?
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 DAX is trading just above yesterday’s 10350 lows. Are we set for a test and/or a break or will it serve as a floor for a rebound? April rising support still valid at 10300.
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 also testing April rising lows at 17950. Break or bounce?Daily chart shows Jan uptrend alive and well for now.
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 holding around $1245 just above 2106 trend of rising lows support. Uptrend alive but potential bearish 4-day Head & Shoulders top pattern to beware of.
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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