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Equities remain mixed amid concerns that the US Q3 earnings season will see more major names (including the all-important banks) disappoint and that optimism surrounding oil and an OPEC-led production freeze/cut will ultimately prove misplaced. All the while GBP remains volatile thanks to unhealthy political uncertainty related to Brexit and USD hold firm on expectations of a December Fed rate rise.
The UK 100 sell-off has broken below 7-day rising support at 7050, meaning a test of 7000 is possible although weak GBP continues to help. The DAX 30 has found support via rising October lows at 10550, helped by strong USD/weak EUR. Dow Jones Futures have broken below 1-month rising lows and 18200 now turned resistance. Gold is flat at $1255, just above 4-month support but pressured by USD strength.
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The UK 100 sell-off from yesterday’s highs has broken below 7-day rising support at 7050, meaning a test of 7000 is possible. This could also result in a bearish double-top taking the index even lower. Weak GBP continues to help however.
Watch levels: Bullish 7060, Bearish 7020
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 found support via rising October lows at 10550. Back to the channel ceiling, or a try for the lows? Weak EUR (via USD strength) providing welcome support.
Watch levels: Bullish 10610, Bearish 10530
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 broken below 1-month rising lows and exited their narrowing pattern, with 18200 now turned resistance. Back to Sept lows?
Watch levels: Bullish 18165, Bearish 18110
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 is flat at $1255, just above 4-month $1250 support but pressured by USD strength. RSI still says oversold.
Watch levels: Bullish $1260, Bearish $1249
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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