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Equity markets in the red again this morning, with disappointing overnight Chinese trade data showing plunging February exports (-25%) serving to spooks investors who are already concerned about the state of global growth. The market reaction is in stark contrast to the habitual cheering about bad data implying more stimulus, and the Lunar New Year may explain the big drop. Solace not even being sought from less bad Japanese GDP to help Asian growth sentiment. Some negative broker commentary about recently rampant commodity price rises being premature and overdone has taken the wind from the Bulls sails as investors prepare for a quick succession of major central bank updates. Turning point or consolidation remains the key question?
UK Index holding 6-day sideways channel 6100-6220. DAX pulled back but bounced off Feb rising support 9630. Wall Street uptrend still valid, but struggling with 17000 zone. Gold still pushing back towards recent $1280 highs on tempered risk appetite.
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UK 100 trading back to the floor of its 6-day sideways channel. Consolidation before another leg higher, or preparation for a breakdown?
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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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DAX broken below 5-day floor at 9700, but already found support via Feb rising low at 9630. Can the uptrend be maintained?
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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US Dow Jones struggling around 17000 after strong rally. Will late 2015 lows prove too difficult a hurdle to clear? Still holding above 100-day MA.
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 bounce of 4-day rising support has taken it back to $1275 and any further souring of risk appetite could result in a retest of recent $1280 13-month highs.
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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