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Global markets have started the week positive, buoyed by hope of peace talks in Gaza after a 72-hour ceasefire took effect last night. This comes as Russia say they are in talks to deliver Humanitarian aid to Rebel held cities across Ukraine as Ukrainian forces begin to gain ground on pro Russian separatists. Although concerns are still rife and a new bout of Ariel strikes against ISIS militia in Iraq by the US is still causing jitters. Closer to home UK businesses have shown that they are growing month on month suggesting the recovery is firmly on course.
The UK’s UK 100 is off its best levels this morning after finding some resistance from the falling highs seen from the end of July. Short term struggles still persist with resistance seen this morning at 6615, with potential of a fall back towards Fridays lows of 6527. A lack of company earnings couples with a very quiet day macro wise could seen the UK 100 in a bit bit of limbo today, unless geo-political tensions change for the better or worse.
Germany’s DAX is back above 9000 after falling below it on Friday and finding support at March lows of 8900. With little in the way of data out today the bargain hunters might be out, with the DAX up triple digits this morning. However, potential resistance isn’t far away as we may see at 9154 and 9223, with a break above the latter giving hope for a push towards end of July highs of 9800.
The US Dow Jones finished strong on Friday night after falling below mid May lows and has continued its strength into this morning with the futures pointing to a higher open. We are now at level that attracted some resistance late last week with a break of these levels signalling a return towards 17000. Developments in Russa/Ukraine, Gaza and Iraq will no doubt play there part in the direction of these markets too. However, with little resistance in the way, the DOW could eat into the losses seen over the last week or so and again look to head north.
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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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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
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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