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Equity indices are mixed again this morning with the UK’s UK Index in the red and both the DAX and DOW positive, but none of the trio have strayed very far from breakeven. Conviction is lacking before our stateside counterparts return from a long weekend. Even some cautious support from Iran about backing any production-freeze plan is failing to revive bullishness on oil. After yesterday’s buy-the-rumour-sell-the-press-conference regarding a Saudi/Russian pact, markets seem frustrated at having been once more sucked in by comments that look designed to merely talk up the price of a barrel. A combination of financials (low rates hurting margins), Oil and heavyweight defensives (USD beneficiaries) are dragging on the UK Index , offsetting gains by the Miners (weak USD) and Housebuilders (results from Redrow and Berkeley).
The UK 100 is testing 6860, for support, trying to maintain 3-day rising lows. Bullish flag pattern in the pipeline? The DAX 30 is potentially in a 3-day shallow falling channel 10650-10750. Dow Jones futures remain in a consolidation zone after the recent bounce. Work to do to break falling highs at 18530 for Bulls eyeing a return to August all-time highs. Gold has broken beyond $1330 in a continued bounce off 2016 rising support.
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The UK 100 is testing support at 6860, trying to maintain 3-day rising lows. Bullish flag pattern in the pipeline? Could 7000 be on the cards if we break above 6900?
Watch levels: Bullish 6905, Bearish 6850
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 is potentially in a 3-day shallow falling channel 10650-10750. A test of the channel ceiling could help the index overcome 11-month falling highs resistance reigniting bullishness for the German index.
Watch levels: Bullish 10760, Bearish 10650
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 remain in a consolidation zone after the recent bounce. Work to do to break falling highs at 18530 for Bulls eyeing a return to August all-time highs 18670.
Watch levels: Bullish 18530, Bearish 18490
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 has broken beyond $1330 in a continued bounce off 2016 rising support. Potential to regain $1352 where summer falling highs resistance may prove a hurdle.
Watch levels: Bullish $1334 Bearish $1328
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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