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European bourses have made a rather muted start to the week. News of an Egyptian airliner being hijacked just before the market open thankfully had negligible market impact and its transpires to have been an act of attention-seeking rather than terror. Investors are also in wait-and-see mode ahead of Fed chair Janet Yellen’s speech at the European market close with traders hoping for more clues on when the US central bank might next hike rates after mixed US data yesterday and some hawkish Fed chatter in the run up to the Easter weekend. This, of course, as markets also gear up for the March US jobs report on Friday and what is expected to be a very tough Q1 earnings season next week. Commodities space still hampered by last week’s dollar rebound.
UK 100 reversed an early fake-out, now testing 6135 rising support from Thurs lows . DAX30 back testing key 9950 level which we broke below last Thursday. Wall Street looks to have had its Feb rising channel capped at 17600. Gold sitting below $1225 after Wednesday’s breakdown into a tight range.
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UK 100 tried for a breakout but reversed quickly to test 6135 rising support from Thursday’s lows. So far 6125 holding but downtrend from 18-March persists, keeping us below long-term falling resistance and within March’s sideways 6100-6200 channel. Index undecided where it wants to go from apex of current narrowing pattern.
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 holding its uptrend from Tuesday’s lows and back testing key 9950 level we broke below last Thursday. Can we get back above?
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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The Dow Jones looks to have had its 5-week uptrend capped at 17600 with the index sideways since early last week and even making a test of 17400. Pause before another leg up, or reflection before retracement?
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 remains in a tight $1210-25 sideways range since last Wednesday’s breakdown, taking the retrace form recent recovery highs to almost 6%. Rebound or a bigger breakdown? The latter would surely require an equity market rally.
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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