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Equity markets are rebounding again off their worst levels having found new support at a higher level. Higher highs implies an uptrend, but we still face nasty downtrends from the beginning of the year and with major economic headwinds. Beware of bull traps. Commodities remain under the kosh despite a valiant attempt by US aluminium giant Alcoa to suggest the future is bright with supply set to undershoot demand. Really? Sorry did I miss something? Is Chinese growth accelerating and the Eurozone rebounding? What’s changed?
UK Index bounced to break above trendline of 5-day falling highs. DAX broken above 5-day falling highs and test 10000. Wall St bouncing around between 16200 and 16475. Gold’s breakout taking a pause $1093-1110.
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UK 100 found support around 5850 and now broken above trendline of falling highs from beginning of year. Can it better recent highs shy of 5950?
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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 rebound continues with a break above 9980 to test 5-day trendline of falling highs just shy of 10000. Breakout or fakeout?
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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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US Dow Jones futures found support at 16200, but now just bouncing around 16200-16475, deciding whether to break higher or lower. RSI still recovering from oversold.
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 holding above $1093 after its recent rally and breakout. The drop back from a test of of $1113 leaves it in a narrow range from which it is yet to decide which way to go. Up, down or sideways?
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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