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Equity markets have made an about turn, thanks to…. another little rally in oil (which has already petered out) after a smaller than expected INCREASE in US oil inventories and a LOSS-MAKING Lloyds Banking stretching itself to a surely politically-motivated special dividend. Yes you read correctly. Markets are rejoicing at news showing we are still swimming in an oil glut (for more on oil see my latest blog entry). And that one of the UK’s bailed out banks is offering a special dividend to make up for the fact its shares have fallen too far to be able to be re-privatized by the Chancellor, and it’s still paying through the news to make good customers who were mis-sold payment protection insurance.
UK Index broken above 4-day falling highs at 5950, but still in 3-month downtrend. DAX still struggling with 4-day falling highs at 9300. Wall Street in the middle of its current 16200-16700 rising channel. Gold still benefiting from market uncertainty as well as its technical rebound.
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UK 100 rallied sharply from the open to break beyond 4-day falling highs at 5950. But yet to trouble the 6000 mark or the falling ceiling of the 3-month downtrend. Long lower wicks on the candlestick so the last two days though shows appetite to get off the lows.
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 still unable to break its run of falling highs from Monday. Full retrace of recent rally? Or can we hope that support at 9200 offers hope of new rising support that can overcome the downtrend?
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 right in the middle of its current 16200-16700 rising channel. However, should we now fear steeper falling highs from 29 Dec, making 16600 too much of a hurdle?
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
Gold still benefiting from investor uncertainty and safehaven interest. Rising 4-day support through $1235 could allow for a re-test of highs of worry creeps back into markets.
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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