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Equity markets have lost momentum as we enter the second full week following the UK referendum, trading relatively flat. Conviction is lacking on account of our stateside cousins’ absence for their 4th July holiday, meaning we may have to wait for tomorrow to gauge the underlying tone among global investors. Asia made for a solid start to the week, and while the UK remains in political upheaval (UKIP’s Farage just resigned by the way) the UK Index ‘s drivers now include a mix of safe havens and risk as banks and miners begin to offer some help, although names linked to property remain troubled.
The UK 100 has broken its 6-day trend of rising lows at 6600, but remains above 6550, keeping the door open for further gains. The DAX30 is testing its rising channel for support at 9730. Does the uptrend have legs? Breakout? Wall Street/Dow Jones futures have slowed up at 18000. Turning over after steep rise, or just a pause? Gold has made another test of recent $1359 highs, but can it engineer a breakout? Is safe haven demand strong enough?
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The UK 100 has broken its 6-day trend of rising lows at 6600, but remains above 6550. Is that it after a 15.6% bounce? Or is this merely an understandable pause to digest the gains.
Watch levels: Bullish 6585, Bearish 6555
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 is testing a rising channel for support at 9730. Does the uptrend have legs? Is a Breakout possible like we saw on the UK Index ?
Watch levels: Bullish 9765, Bearish 9635
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 have slowed up at 18000. Turning over after steep rise, or just a pause? Note RSI overbought
Watch levels: Bullish 18005, Bearish 17960
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 has made another test of recent $1359 highs, but can it engineer a breakout? Is safe haven demand strong enough? Note that overbought RSI
Watch levels: Bullish $1353, Bearish $1348
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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