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Equities indices are retracing yesterday’s rebound. To blame we have another drop in the price of oil due to OPEC expecting the global supply glut to continue into 2017. This is serving to counter yesterday’s revival of risk appetite after welcome dovish Fed commentary. China data overnight also showed a welcome acceleration in annual Industrial Production, Retail Sales and Investment growth but unchanged year to date growth suggests stimulus could be losing its potency. A USD rebound from yesterday’s lows is also weighing on parts of the commodity space while weak UK inflation data could put pressure back on the Bank of England in the wake of Carney’s recent ‘serene’ comments.
The UK 100 has turned back from 6770 to test 6700, giving back some of yesterday’s 110pt bounce. The DAX 30 rebound has also reversed, but yesterday’s rising support is still valid at 10430. Dow Jones futures are back below 18200, in retreat from 18350 where 2-month support has turned resistance. Gold is holding around yesterday’s highs of $1330 in a June uptrend but a July downtrend.
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The UK 100 has turned back from 6770 and breached 6700, giving back a good chunk of yesterday’s 110pt bounce. Overnight falling highs accelerated.
Watch levels: Bullish 6710, Bearish 6680
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 rebound has also reversed, but yesterday’s rising support is still valid at 10430. Will the uptrend or downtrend prevail?
Watch levels: Bullish 10470, Bearish 10415
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 18200, in retreat from 18350 where 2-month support has turned resistance. Falling highs overnight.
Watch levels: Bullish 18220, Bearish 18170
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 is holding around yesterday’s highs of $1330 in a June uptrend but a July downtrend.
Watch levels: Bullish $1332, Bearish $1327
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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