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Equities markets back in the red with a welcome, albeit brief, Fed-led relief rally having already run its course, rolling over to sharp pullbacks overnight as sentiment returns to risk aversion ahead of the Christmas period – weak Chinese economic assessment trumping faith in US recovery not being derailed by a rate hike. Nonetheless, commodities – especially oil – found support in spite of USD resilience, with Miners getting a lift from classic bargain-hunting and hopes of more Beijing stimulus buoying raw materials.
UK 100 resistance around 6100 could hinder today, although 24-hour downtrend could yet prove to a bullish flag prepping for a break-out back towards 6450. DAX now facing falling highs at 10800 which could mean new falling channel. Wall St. retracing from 6-week highs towards 1-month shallow rising lows 17200. Range-bound? Gold broke down from narrowing continuation pattern to test close to 6yr lows $1045.
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UK 100 found support at 6050 but equally found resistance around 6105. Downtrend from yesterday could be digestion of rebound and thus a bullish flag before a break higher.
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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 failure at 10800 maintains downtrend and could mean new declining channel. Potential for support at 10600 to keep the uptrend alive.
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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 retracing towards double support around 17200. Will Aug rising lows prevail over the September intersecting trend-line? Range-bound?
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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 broke down from narrowing pattern at $1060 to continue long-term downtrend. Nonetheless, support found close to recent 6yr lows. Rebound or breakdown?
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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