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Equity markets slipped from their highs to trade slightly negative. Indices exposed to commodities are giving up gains after several OPEC oil ministers agreed to freeze production at 11 Jan levels, which isn’t quite the ‘cut’ that oil bulls had been hoping for. Oh and it’s also contingent on other oil producing nations agreeing to the freeze, which Iran is unlikely to given has only just returned to the market after sanctions were lifted. With OPEC kingpin Saudia Arabia adding that it’s absolutely comfortable with current prices, it looks like yet another attempt to buoy the oil price with mere rhetoric. The problem is, we’re not fooled by that any more.
UK Index engaging in some OPEC-led volatility but looking solid above 5800 in recovery from recent lows. DAX back from 9280 but remains in 4-day uptrend with support 9120-30. Wall Street paused recent gains around 16200 to move sideways. Gold has benefited from the oil induced equity market hiccup to rebound back above $1200 (a key level for today) as risk-on mentality is questioned (briefly?).
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UK 100 still in recovery mode, holding above 5800 thanks to intersecting support from mid-Jan. Potential pause before another leg higher to the ceiling of the longer term downtrend around 6000.
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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 rebound struggling again with sideways move since yesterday and dropped back below 9200. Uptrend support around 9120-30 still valid via 4-day uptrend. Make or break.
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 turned back from 16250 to test 16150. Still sideways since mid-Jan, with a break of 16250 required before upside to 16500 can be penciled in.
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 has rebounded from drop below $1200 as markets ditch some risk after recent strong gains. However, breached support at $1215 , means potential resistance is close.
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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