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Equity markets have seen a revival of bullishness this morning, maintaining their bounces from yesterday’s 1-week lows. Risk appetite would appear to be on the up in contrast to the usual investor side-lining we see ahead of major risk events such as a Fed – and in this case BoJ – update, hopes high of continued accommodative language from the former and more policy easing from the latter. UK sentiment buoyed by an oil price holding up around recent highs and a surprise Q1 profit from behemoth BP while the US Dow Jones has surged back above 18,000 ahead of results from Tech giant Apple tonight.
UK 100 made bullish breakout from 3-day falling channel at 6280. DAX30 trying for a break of falling highs at 10360 after bouncing off April rising lows. Wall Street/Dow futures delivered break of 3-day downtrend to surge up through 18000. Gold dropped back to test $1235 in tune with market risk appetite on the rise.
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UK 100 made bullish breakout from 3-day falling channel at 6280. Close to regaining 6300 (Morning Report bullish watch level = 6305). Despite a test of February’s uptrend, it’s still valid. Recovery to recent highs? Daily RSI still shows rising lows from September.
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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 is trying to overcome the recent trend of falling highs, at 10360 helped by a bounce off April rising lows. Back to the highs? Bears still itching for a breakdown.
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 has regained bullish composure after testing 17900 to overcome the short-term downtrend, breakout at 17950 and surge up through 18000. Can the highs be regained? Results season and an accomodative Fed to help?
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 back testing $1235 having found intersecting resistance at $1240 and as market risk appetite is revived in spite of several risk events on the horizon (central banks, GDP). From its now narrow $10 range, which way will it break?
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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