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Equities are on the backfoot across the board this morning as decreasing crude oil prices, lacklustre third quarter earnings releases and a rare weakening of the US Dollar weigh on market sentiment. As OPEC’s already fragile promise to negotiate a production freeze deal in a month’s time looks to be falling apart (Russia may be getting cold feet while members still unable to agree who cuts to curb record production output), weak Q3 earnings from companies on both sides of the Atlantic are doing nothing to buoy investors. Meanwhile, the US Dollar Basket Index retreats from the 8-month highs reached yesterday around the time of the minor GBP crash, resulting in rallies in both the Sterling and Euro.
The UK 100 has broken through several key support levels to find itself touching on one month lows as Miners (led by production forecast reducing Antofagasta) drag down the wider market. Could yet another bounce from 6940 support to the 7000 mark be on the cards? The Dax 30 was reaching 2016 highs this time yesterday, however is now testing support at 10650. Can the index recover losses this afternoon once US markets open? Dow Jones Futures complete the pessimistic outlook for equities as Apple records its first negative annual revenue growth since 2001, sending the index to the bottom of a one month narrowing pattern channel whilst also testing 2-week rising lows support at 18085. Gold, on the other hand, is maintaining a breakout from a week long $1260-$1268 trading channel, is a further breakout from $1277 resistance possible?
The UK 100 has broken through several key support levels to find itself touching on one month lows as Miners drag down the wider market. Could yet another bounce from 6940 support to the 7000 mark be on the cards?
Watch levels: Bullish 6985, Bearish 6935
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 was reaching 2016 highs this time yesterday, however is now testing support at 10650. Can the index recover losses this afternoon?
Watch levels: Bullish 10700, Bearish 10620
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 complete the pessimistic outlook for equities as Apple records its first negative annual revenue growth since 2001, sending the index to the bottom of a one month narrowing pattern channel, whilst also testing 2-week rising lows support at 18085.
Watch levels: Bullish 18160, Bearish 18065
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 maintaining a breakout from a week long $1260-$1268 trading channel, is a further breakout from $1277 resistance possible?
Watch levels: Bullish $1278, Bearish $1259
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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