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Equity markets have given up more ground after a weak US finish was followed by even steeper losses in Asia with Chinese stocks plunging. This comes from an oil price back below $30/barrel, reigniting global growth and supply glut concerns, all the while central banks are looked to for soothing rhetoric whilst simultaneously having to defend policy choices against absent inflation. A continually weak oil prices don’t help.
UK 100 found support at 5770 amid retrace from 5950 highs. DAX trading between two trendlines of support at resistance: 9550-9800. Wall St still meandering lower back below 15800. Gold’s breakout beyond $1100 is holding.
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UK 100 pulled back from 5950 highs to test trend of rising support. Having broken the 2016 downtrend, beware resistance at 6000.
Solid Green line
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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The DAX may have rallied, but it couldn’t break the 2016 downtrend, despite Draghi’s hints at more stimulus traditionally boosting the German index.
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 broken above 2016 downtrend and now holding 16000 as last week’s late uptrend takes a break. If 16000 proves supportive this could help propel the index towards 17000
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’s still maintaining its uptrend from $1050 lows with a break above $1110 pleasing to bulls. They will also welcome a potential test of the 200-day MA $1120, a break above which could see a return to longer term falling highs $1140.
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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