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Equities markets bounced from technical support, but only after another southerly test overnight. This was came from revived fears about slower global growth and readiness for explicit monetary policy divergence which weighed on an oversupplied commodity sector despite a normally helpful weaker USD. This morning’s positive update from miner/trader Glencore (GLEN) – ahead of schedule in terms of painful self-help and debt reduction measures – is giving a fillip to the sector’s depressed stock prices while corporate updates elsewhere offered a mixed batch. Index corrections complete?
UK Index found 4M rising support at 6050 but December downtrend remains a hurdle. DAX bounced at 17440 thanks to intersecting support from early July, but still in December downtrend. Wall St still holding August uptrend at 17500 with positive divergence on RSI. Gold in another tight narrowing range around $1073.
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UK 100 found support at rising lows but December downtrend remains to be broken. If strong rebound regains 6450 ceiling of 4M bullish ascending triangle, a breakout could send the index back to all-time highs >7100.
Solid Green line
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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Germany’s DAX bounced off 6M intersecting support at 11440 but December downtrend remains to be broken.
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 futures still holding uptrend from August. Bounce of 17400 recent lows. RSI rising lows = bullish positive divergence with price
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 in another tight tight range awaiting a breakout. But will it be higher or lower? Still in long term downtrend until we can regain $1200.
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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