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Equities markets are in the green this morning with uncertainty surrounding the Spanish general election being shrugged off thus far and another welcome attempt at a relief rally in play. UK 100 is re-testing rising resistance 6105, a break above which should please bulls looking for a further charge northwards to 6400 and above. DAX is trying for the same, while remaining some way from regaining its own former rising channel. Wall St. has made a strong bounce off support in a 2.5mth sideways range and Gold is nearing December falling highs – again. Will it break out this time, or do the equity market rallies have stronger legs?
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UK 100 still in a Dec uptrend, testing resistance at prior support-turned resistance in a longer term rising channel. Note trend now sideways with potential for a return to early Dec highs 6450 if the initial hurdle around 6405 and the 20-day MA 50pts above can be overcome.
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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Germany’s DAX is re-testing 10800 and resistance in a narrowing pattern. The index is still in a downtrend until 11,000 is broken, the potential for which should not be written off with support just below 10600 keeping bulls’ hopes alive.
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 futures made a strong bounce off support this morning, with the index consolidating into a 2.5mth 800pt sideways range, split straight down the middle by the 200-day MA. Still potential for prior August rising lows to be regained…
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 back up at falling highs resistance after a strong rally off its 17 Dec low, a level that is holding encouragingly, while those falling highs appear just as solid. The question becomes: 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.
Click here for help with Support & Resistance Click here for help with technicals
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