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Equity markets continuing to rebound from recent lows, helped by late US rally and some conveniently better than expected trade data from China, which may just have been flattered again by year-end bookkeeping. A great escape by Oil from a test of $30 is also helping sentiment with hopes that declines may be over, despite brokers competing for the most bearish of targets below $20. Once again we ask what’s new? Do we really have proof of a China recovery, or a solution to commodity supply gluts, notably oil? A bounce this may be, but multi-month downtrends can’t be ignored.
UK Index found resistance at recent highs 6015. DAX found a 10175 hurdle in an intersecting trendline from mid-Oct. Wall St broken above 16480, but struggling with 16600. Gold broken back below $1085.
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UK 100 found resistance at prior highs 6015, but remains in rising channel from recent lows. A breakout still needs to get beyond falling highs from 30 Dec.
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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 found resistance just shy of 10200 via intersecting trendline from mid-October. Retrace on the cards?
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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 have managed to break out above 16450 but have already struggled to better 16600 with several long candlestick wicks and a spinning top suggesting selling pressure and indecision about the rebound.
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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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Gold broken back below $1085 with the rebound having been capped at $1100. Back to rising support? Safehaven demand has waned as markets bottomed
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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