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Equities are negative this morning with the UK’s UK 100 held back by a combination of some big defensives on the back foot, a GBP bounce from lows stifling translational gains for those internationally exposed, profit taking in Tesco after yesterday’s spike and an easyJet profits warning. This is offsetting strength among a mix of Financials and Oil. Germany’s DAX is seeing gains by financials countered by telcos and airline weakness while futures suggest a slightly negative stateside open this afternoon in light of hawkish Fed chat, ECB taper jitters and an article about Bundesbank in a bind regarding the Target2 settlement system and a hard Brexit.
The UK 100 , still in a downtrend from recent highs, looks headed for a test of 7000. The DAX 30 has turned back from another test of 10650, bolstering the ceiling of a shallow falling channel. Rather similarly, Dow Jones Futures have stalled at 18300 falling highs. Double top and retrace? Gold may be holding above yesterday’s $1262 lows, but undecided whether to bounce or keep falling towards $1250.
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The UK 100 still in a downtrend from recent highs, looks headed for a test of 7000. RSI almost oversold but not quite. Bounce?
Watch levels: Bullish 7035, Bearish 6995
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 turned back from another test of 10650, bolstering the ceiling of a shallow falling channel. Retrace? Bearish double-top pattern (worth 150pts) possible if it breaks below 10500.
Watch levels: Bullish 10585, Bearish 10540
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
Dow Jones Futures have stalled at 18300 falling highs. A retrace to the floor could be helped by a bearish double top (worth 45pts) it we break below 18265
Watch levels: Bullish 18290, Bearish 18260
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 may be holding above yesterday’s $1262 lows,but undecided whether to bounce or keep falling towards $1250. Note RSI oversold.
Watch levels: Bullish $1272, Bearish $1260
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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