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Equity markets weak this morning, although off their lows, having followed Asian bourses lower amid concerns about the key US retail sector and Tech and thus US economic recovery. This was compounded by hawkish Fed speak pushing the USD back towards recent highs to the detriment of raw material prices and their miners. Risk appetite also struggling for traction into the end of the week as geopolitics interfere on both sides of the atlantic (Brexit, Trump) and more China data is due over the weekend (Industrial Production, Retail Sales) which could dictate sentiment come Monday. Bullish messages on oil look to have run their course, failing to deliver fresh rebound highs.
The UK 100 has bounced from May lows to retest the 6095 breakdown zone of this morning. Back in a channel? The DAX30 has breached February rising support, but again bounced from the 100-day moving average 9750. Wall Street/Dow Jones futures have bounced from 17600 but remain in a downleg within a falling channel. Gold has regained $1275 as a drop in risk appetite favours safehaven seeking to trumps a stronger US dollar that makes it more expensive.
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The UK 100 has bounced from just above May support to re-test the 6095 breakdown level of this morning. Still in a downtrend from end-April. Are we back in that sideways channel (6050-6200) that was a range trader’s dream in March ?
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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 breached February rising support but bounced off the 100-day moving average once again. Horizontal support at 9750 could put us in a sideways range 9750-10100?
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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Dow Jones futures have bounced from 17600 but remain in an accelerated downtrend from the ceiling of a falling channel since April highs. This could yet usher the index back to test April lows 17500.
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 regained $1275 after bouncing off 2106 rising support to keep the long term uptrend alive? Bullish flag pattern this morning? Benefiting from risk aversion into the weekend which is overpowering a stronger USD.
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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