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Equity markets are in the green this morning, with UK equities joining European and US peers in a Northerly march that could see the Dow Jones make a new all-time high today. Continued outperformance by the UK 100 should give investors plenty to get excited about, with indices in Asia and the US benefitting from the same expectations of post-Brexit vote central bank easing – not to mention a swifter than expected Conservative party leadership contest that’s set to see the UK have a new prime minister as early as tomorrow. In fact, that in itself has been enough to boost the value of the Pound against the US Dollar while encouraging risk-hungry investors back to market to snap up some heavily discounted house building and financial stocks at the expense of the hitherto outperforming defensives.
The UK 100 is heading into the apex of converging highs and lows. The DAX30 has found resistance at 9916 having moved up through 9800 yesterday afternoon. Wall Street/Dow Jones futures are close to joining the S&p500 at fresh all-time highs. Gold remains supported at $1351 yet is struggling to better $1357.
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The UK 100 is making a second test of the 6700 level. The hourly RSI is not yet overbought…
Watch levels: Bullish 6720, Bearish 6650
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 DAX30 is pushing up through 9900 towards resistance at round number 10000. Will it breakout or retreat?
Watch levels: Bullish 10050, Bearish 9880
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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Wall Street/Dow Jones futures are on their way top joining the S&P500 at all-time highs after breaking out above 18200.
Watch levels: Bullish 18410, Bearish 18245
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 remains in its long-term turnaround, although shorter term downside could be possible with a test of a 4 week rising trend line.
Watch levels: Bullish $1365, Bearish $1348
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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