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Equity markets are displaying remarkable resilience, already in positive territory versus a break-even opening call. Work to do before engineering breakouts from current ranges, but there looks to be an underlying appetite for recent highs to be freshly tested. This despite Fed speakers sounding hawkishly at odds with the recent dovish FOMC policy update, and the USD bounce preventing commodities from running higher. The flipside – a weaker EUR – is helping continental bourses like the German DAX much more than its global peers. The UK’s UK Index appears unperturbed after yesterday’s events, even if what happened has seen the ‘Out’ camp become more vocal in the run-up to the EU referendum.
UK Index back up above 6200, but need to get above 6240 to really convince the bulls. DAX already re-testing Monday’s 2-month highs at 10100. Wall Street remains sideways around 17600 after 14% 1-month rally. Gold in continued retrace towards last week’s $1225 lows as risk appetite returns and equities push higher.
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The UK 100 is back up above 6200 and pointing towards recent highs although we remain in a clear 6100-6220 range. This needs to be cracked decisively to the upside if the bulls are to return to the party which started in mid-February but has had the music on pause since the beginning of this month. bears watching for growing downside pressure.
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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 testing top of 2-week 9750-10100 sideways range. An upside test is needed to extend the 2-month rising channel and put some distance between it and the 100-day moving average. Breakout or pull back?
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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 still sideways taking a pause after its 1-month 14% rally. Will it break-out towards 17900 highs? Rising support not far away to help keep the bullish music playing. Or will it breakdown to vindicate Bears’ highlighting of very steep ascent?
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 continues to retrace towards last week’s $1225 lows, as risk appetite returns. Much like equities, though, it remains in a sideways March trend around recent highs. Bounce 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.
Click here for help with Support & Resistance Click here for help with technicals
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