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Equity markets marching north again this morning despite a largely negative session in Asia. Investors are preferring to take a positive lead from US bourses and are ignoring a backtrack in oil from recent highs as hopes of global production freeze/cut wane without Iran on-board. Traders are also refusing to be perturbed by the prospect of surely market-moving Fed minutes this evening which could provide additional hints at US policy direction (up, sideways, even down?) and impact the USD and thus commodities.
UK Index made decisive break above 5900, towards falling highs at 6000. DAX closing in on 2016 falling highs around 9300. Wall Street back testing 8-day resistance around 16240-70. Gold sideways around 1200 deciding where to go next.
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UK 100 made bounce off 5800 support and now broken above 590o on its way towards the ceiling of the 4-month falling channel at 6000.
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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DAX closing in on 2106 downtrend ceiling at 9300 above which upside could run as far as 9600 before encountering and real resistance.
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 still in 1-month sideways move, back testing 16240 resistance which has held for the last 2 days. A break above 16250 could see upside to 16500 Feb highs.
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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