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European equity markets are recovering from a pressured start to the day after Alcoa disappointed as it fired the start gun for US earnings season. While the aluminium giant both under-promised and under-delivered, however, the read-across to the UK’s mining stocks has been minimal at best. In fact, it’s defensives that are weighing most heavily on the UK 100 . A revisit of summer 2015 lows on the USD Basket (DX) is helping commodities such that Gold’s strength can be attributed to that this morning. All this made markets look confusingly risk-on a few minutes ago (they were all down, yet defensives were underperforming), but the confusion is starting to abate now!
Technically, the UK 100 has found 10 Apr rising support, DAX30 is making a stern test of 9623, Wall Street/Dow futures continue to turn over and Gold is still negotiating safe passage past $1260.
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The UK 100 is still trying to break 6200, yet has suffered somewhat of a setback this morning. Nonetheless, 11 Apr rising lows have offered support.
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 has pulled back from the 22 Mar falling trend line. Bulls will look for the bounce off 9615 to find momentum and a break back above 9740, while bears will eye a break below to target 9500.
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’s consolidation may now be becoming a more serious correction as the index approaches 17484 and a 2-week falling trend line.
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 his now testing $1260 once more with April’s solid rising lows and a weak USD helping.
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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