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Equity markets are positive this morning, buoyed by a failed military coup in Turkey. While an attempt to make the country more secular might have gained brownie points in terms of future EU membership, the rounding up of dissidents may in fact offer more in terms of political stability, possibly worth more at a time of pre-existing geopolitical tension close to home and given the country’s strategic importance as a crossroads between the Middle East, Asia and Europe. M&A news is also buoying sentiment with a punchy bid for perennial tech target and chip architect ARM Holding suggesting there is still value in stocks after big rallies, notably those with currency benefits from a weaker Sterling after the Brexit vote.
The UK 100 is holding around 6700 still in its July uptrend with potential to revisit 7100. The DAX30 has found a hurdle in 10180 which keeps it in a multi-month downtrend. Dow Jones futures are trading above 18500 still in a rising July trend with potential to make fresh all-time highs. Gold‘s July downtrend has found support at $1325 although $1330 has been troublesome overnight.
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The UK 100 is holding around 6700 still in its July uptrend with potential to revisit 7100 via those bullish patterns we have been harping on about (bullish flag, bullish inverse H&S reversal).
Watch levels: Bullish 6720, Bearish 6640
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 DAX30 has found a hurdle in 10180 which keeps it in a multi-month downtrend that could usher it back towards 9400
Watch levels: Bullish 10070, Bearish 10030
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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Wall Street/Dow Jones futures are trading above 18500 still in a rising July trend with potential to make fresh all-time highs
Watch levels: Bullish 18535, Bearish 18490
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 July downtrend has found support at $1325 although $1330 has been troublesome overnight. Potential for bearish flag to complete at $1300 if equity markets push higher on positive sentiment.
Watch levels: Bullish $1332, Bearish $1323
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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