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Equities struggling this morning on the back of weak Chinese Import/Export data overnight (with particularly poor showing from the latter) alongside marginally heightened of US Fed December rate hike expectations weighing on markets. No help is provided from Crude Oil, with prices of Brent and US continuing on a weekly downtrend as OPEC reports its highest production level in 8 years and data from the American Petroleum Institute shows largest crude oil inventory build in 6 months (the first in 6 weeks). Miners are leading the way for UK losses as commodities are hampered by the USD moving from strength to strength against its peers, the UK Index no longer thriving thanks to the perks of translational earnings gains.
The UK Index 100 has breached the 7000 mark for the first time since Tuesday last week, finally breaking its impressive run of form on the back of the GBP’s persisting weakness against its peers, although has bounce at 6965 to again test 7000. The DAX 30 has also fared poorly this morning, although the EUR reaching multi week lows against the USD may provide a bounce at 13370 falling lows. Dow Jones Futures continuing on a downtrend having broken one month rising lows yesterday, is a bounce at 18000 on the cards? Despite a strong showing overnight thanks to a brief USD weakening, Gold remains in $1250-$1260 narrowing channel.
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The UK 100 has broken 7000 for the first time in over a week with Miners weighing heavily on the index. Despite positive performance from Housebuilders thanks to a strong September reading of the RICS House Price Index, the index has been down over 0.5%.
Watch levels: Bullish 7025, Bearish 6960
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 also fared poorly this morning, although the EUR reaching multi week lows against the USD may provide a bounce at 10370 falling lows. Can this be the impetuts for a return to 10450?
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 sentiment has been hampered by increased expectations of a December rate hike following the FOMC minutes release. Can a bounce at 18000 provide the impetus to return to 18200 and beyond?
Watch levels: Bullish 18165, Bearish 17985
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 remains in $1250-$1260 narrowing channel but is being pressured by USD strength after a positive performance last night.
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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