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Equities are on the back foot again to close the month. Sentiment is hindered by a weak commodities space derived from USD strength. Oil prices are also languishing from production glut worries (US API stockpiles increased last night) and uncertainty about whether next month’s OPEC-led meeting with deliver anything at all. Investors are also coming round to realising they are back to data-watching and deciphering whether, for example, Friday’s US Jobs is good in terms of economic recovery or bad in terms adding another nail to the coffin of easy US monetary policy. Markets can be fickle beasts.
The UK 100 has already tested 6800 to maintain its latest retrace from the ceiling of a 3-week falling channel. The DAX 30 has sold back from the ceiling of a 2-week channel (10500-10700) but already bounced at 10600. Dow Jones futures are sideways since yesterday, still hemmed in falling highs and rising lows at 18500. Gold’s recent downtrend has seen it breach $1315 and take a step closer to 2016 rising support at $1305.
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The UK 100 has already tested 6800 to maintain its latest retrace from the ceiling of a 3-week falling channel.
Watch levels: Bullish 6825, Bearish 6795
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 30 has sold back from the ceiling of a 2-week channel (10500-10700) but already bounced at 10600. Still hindered by 15-month trendline of falling highs at 10750.
Watch levels: Bullish 10675, Bearish 10620
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 are sideways since yesterday, still hemmed in falling highs and rising lows at 18500. Waiting for Non-Farm Payrolls data on Friday?
Watch levels: Bullish 18470, Bearish 18420
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
Gold recent downtrend has seen it breach $1315 and take a step closer to 2016 rising support at $1305. With rising lows since yesterday night, is a bounce back to $1350 already on the making?
Watch levels: Bullish $1317 Bearish $1310
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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