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Equities nursing losses this morning morning as yesterday’s breakdowns from comfortable consolidation/uptrends yesterday gather pace. This comes after a revival of geopolitical risk (Brexit poll) and a raft of mixed data from across the globe (run of poor US manufacturing; China and Eurozone PMIs failing to inspire; UK Consumers delaying borrowing). While markets had been warming to the prospect of a summer US rate rise, they now appear not so sure, with a more prominent bearish sentiment now overpowering the hitherto bullish dominance that had ushered us to recent highs.
UK 100 broken below 6200, potentially in the midst of a bearish flag pattern back to 6150. The DAX30 topping out at 10400 has it back pointing towards the 10100 mid-point of its 4-month narrowing formation. Wall Street/Dow Jones futures are back below 17800, with an overnight rebound struggling to hold the regained level. Gold continues to benefit from risk-off sentiment, helping it reverse from $1200 3.5-month lows.
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The UK 100 has tested 6200 in the midst of what could be a bearish flag pattern down to 6150. Further correction required?
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 DAX topping out at 10400 has it pointing back towards the 10100 mid-point of its 4-month narrowing formation. Will it follow the UK Index and fall all the way back to its recent breakout?
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
Dow Jones futures are back below 17800, with an overnight rebound struggling to hold the regained level. Does the correction have legs?
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’s continues to benefit from risk-off sentiment, helping it reverse from $1200 3.5-month lows sitting in a new rising channel.
Watch levels: Bullish $1225, Bearish $1208
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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