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Equity markets holding on to the majority of their strong gains from late last week, giving us a more positive start to the new month after a tough January to say the least. While official China data shows continued manufacturing weakness, the Caixin read showed an up-tick and the now key services sector remains buoyant amid the nation’s important economic transition. Markets still bullish on central bank largesse after the BoJ went negative and the Fed cooled its hawkishness a touch. Could it dial things down further this month before more ECB stimulus in March? An oil price off its lows also helps with Brent having broken beyond Nov falling highs.
UK 100 consolidating from 6130 highs after breakout. DAX remains in 1-week narrowing range 9650-9900. Wall St holding a rising 16000-16600 channel from 2016 lows. Gold bounced off $1110 breakout, keeping 2016 uptrend alive.
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UK 100 broke out from bullish inverse head & shoulders reversal but has turned back from 6130 highs. Support at 6030 breakout would bode well for another rally.
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Possible support
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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 remains rangebound 9650-9900, in a narrowing pattern. Still consolidating strong gains from January lows and breakout beyond 2016 downtrend.
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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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US Dow Jones remains in bullish channel from Jan lows. Potential for a retreat from the ceiling before another bounce off the floor, especially after 1000pt rebound.
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’s bounced off $1110 breakout which keeps the now accelerated uptrend alive and well. Risk of bullish wedge? Safehevan progres at odds with USD gains and equithy market strength.
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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