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Equity markets are flat, still taking stock of sharp recoveries delivered in just over a week. Sentiment held back by yet another round-trip in the price of oil, after US inventories rose more than expected to offset pie-in-the-sky hopes of a global production cut, although the price of a barrel is off its lows as rising 1-week support sustains optimism of eventually overcoming otherwise dominant multi-month downtrends. Markets also increasingly debating whether global central banks are now scraping the bottom of their toolboxes, given their thus far inability to bring about inflation, growth and economic recovery post-crises. After a quick march north are new drivers required?
UK Index flat around 5980, holding 4-day rising support. DAX flat around 9450 as Jan falling highs pressure the current rising channel. Wall Street flat at 16450 still waiting for a break either way. Gold struggling with $1225 falling highs since last night.
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UK 100 found support at 5950 after pulling back from ceiling of 3-month falling channel. Having made back much of February’s losses, are we pausing before resuming the northerly march, or prepping for another southerly jaunt? RSI confirmed overbought.
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 current rising channel found a hindrance in Jan falling highs, which is seeing the index sideways in this week-end session deciding which way to go next. Breakout, 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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US Dow Jones still in 1-month sideways shift, with another pullback from the ceiling, although the current uptrend remain valid so long as 16400 holds. Like the DAX, deciding where to go next. Breakout or retrace?
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 struggling with falling highs since another sharp rally late yesterday to revisit $1240. Sideways since its break above $1180.
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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