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Equity markets are handsomely positive this morning, still benefiting from the oil price rebound as supply disruption from a Kuwaiti strike helps offsets the (misplaced) weekend disappointment from Doha. A weak USD following dovish Fed commentary is also keeping commodities and their miners bid while a Dow Jones back at 9-month highs 18,000 and a decent US earnings season so far is maintaining risk appetite. Equities continue to extend their gains from 2016 lows taking headwinds in the stride and preferring to focus on the positives.
UK 100 extending gains to test the 6400 level last traded in December. DAX30 made bullish break above 10,100 and 200-day moving average. Wall Street/Dow futures testing 18050, above November highs and just 2% from last May’s all-time highs. Gold made another bounce off rising support at $1230 thanks to a weaker USD rather than safehaven seeking.
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UK 100 extended its bounce to 16.5% to test the 6400 level last traded in December. Can it push on to 6600 and take the rally to 20%? RSI rising lows is positive, not yet overbought.
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 made a bullish break above 10100 which clears a major hurdle and opens up the possibility of a rally back to 10900, which would extend the current 18% rebound from Feb lows to 25%. RSI not yet overbought.
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
The Dow Jones has broken above November highs which open up the possibility that it can regain the all-time highs posted last May. Strong uptrend, RSI rising lows.
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 made another bounce off April rising support at $1230, however, this time thanks to a weaker USD making the commodity cheaper rather than demand being sought in the precious metal refuge. If $1240 holds, recent highs could be revisited.
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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