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Equity markets are making a positive, yet choppy start the new month. The commodity space remains supported by rising metals prices (base + precious) and positive China data, although divergent results from oil majors Shell and BP and oil prices facing south again, coupled with a banking disappointment from Standard Chartered, have seen the UK Index deliver an impressive round trip already this morning. Sideways markets suggest traders remain jittery given the event risk that lies ahead (Fed, BoE, US Election, OPEC) and with major equity indices still so close to their highs.
The UK 100 has bounced from 6930 support, but can it deliver a breakout to 7000? The DAX 30 is still holding its October uptrend at 10650. Dow Jones Futures continues to tighten its range into 18200 ahead of the Fed update tomorrow and next week’s election. Which way will it break? Gold is back at the top of its $1265-1285 rising channel.
The UK 100 has bounced from 6930 support, but can it deliver a breakout to 7000?
Watch levels: Bullish 6995, Bearish 6955
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 still holding its October uptrend at 10650. A return to recent highs and a breakout could open the door to 2015 highs of 11400.
Watch levels: Bullish 10705, Bearish 10675
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 continues to tighten its range into 18200 ahead of the Fed update tomorrow and next week’s election. Which way will it break?
Watch levels: Bullish 18215, Bearish 18140
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’s is back at the top of its $1265-1285 rising channel as a weaker USD and Fed/Election uncertainty fuels its recovery bounce from $1250. Note the 200-day MA at $1289 could prove a hurdle.
Watch levels: Bullish $1286, Bearish $1278
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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