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Equities markets in the red on what is likely to be a risk-off Friday ahead of Sunday Chinese macro data and the impending US Fed rate decision next week. Miners still in the spotlight after iron-ore rivals Anglo American and Vale had their ratings cut a step closer to junk by Moody’s, keeping the UK’s UK 100 under pressure with a far from rosy outlook for the commodities space – the release of Chinese Retail Sales and Industrial Production data release on Sunday could compound matters with many traders sitting on the side-lines.
UK Index testing Wednesday’s 6050 lows, still in December downtrend. DAX still backtracking from latest failure to break above December falling highs at 10600. Is Wall St moving into a bearish descending triangle pattern at 17500? Gold held back by 2-day falling highs at $1070.
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UK 100 testing Wednesday’s 6050 lows, just about holding the uptrend from end-August. However, still wrestling with a clear December downtrend of falling highs.
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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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Germany’s DAX trickling back from latest failure to break above December falling highs. Support still available at Wednesday’s lows 10450 thanks to 3M intersecting trend-line.
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 sideways into a narrowing pattern of December falling highs and August rising lows. However, does the combination of December falling highs and recent support at 17400 mean a bearish falling wedge pattern is on the cards? RSI also showing narrowing trend.
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 struggling to better the trend of falling highs since late Wednesday. Still in long term downtred. Potential for a breach of $1066 support to mean a retreat to 1046 lows. Could a US rate hike send the dollar north and the yellow metal south?
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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