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Equities are negative this morning as oil comes off its Russian inspired production-cut-cooperation highs thanks to the head of the country’s largest producer Rosneft saying ‘No’. A stronger USD (Dec rate hike probability now >75%; Trump election win fears receding) is weighing on metals prices but it is also helping the UK Index outperform thanks to a weak GBP/USD flattering its internationally-generated profits. Banking worries continue to weigh across the region supporting demand for bond-proxy defensives.
The UK 100 is back from another failed attempt to conquer 7120. The DAX 30 has been halted again at 10650 by the ceiling of its 3-month down channel. Dow Jones Futures have sold back from 18400 reinforcing the ceiling of its 1-month converging pattern. Gold has settled around $1255, off its sell-off lows but struggling with the stronger USD.
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The UK 100 is back from another failed attempt to conquer 7120. Still in a September uptrend, but a breach of 7070 could result in a bearish double-top back to yesterday’s 7025 lows.
Watch levels: Bullish 7105, Bearish 7070
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 30 has been halted again at 10650 by the ceiling of its 3-month down channel. Can it engineer a breakout, or is it headed back towards the channel floor?
Watch levels: Bullish 10630, Bearish 10590
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 have sold back from 18400 reinforcing the ceiling of its 1-month converging pattern. Support at 18300, or back to the 18200 floor?
Watch levels: Bullish 18325, Bearish 18280
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 has settled around $1255, off its sell-off lows but struggling with the stronger USD. Where next?
Watch levels: Bullish $1260, Bearish $1254
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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