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Markets are higher this morning following a sharply lower close for US equities as global growth concerns continue to weigh. The price of Oil gave up yet more ground following another big rise in US Crude Stocks with Saudi Arabia’s Oil minister saying no planning to cut production, weighing on both energy and oil majors.
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The UK’s UK 100 fell sharply yesterday trading below 6500 for the first time in 5 weeks, although support was found around 6460. A break back above 6500 could see the UK 100 pushing towards its 50 day moving average around 6530 before attempting a break of prior resistance at 6560. The RSI is continuing to rise following a breakout of oversold territory.
Solid Green line
Possible support
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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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Germany’s DAX found support along its 2 month rising trend line yesterday breaking below 9800 in the process. A bounce off the rising trend line has seen the DAX retake 9800 and will now look to break possible resistance at the 50 day moving average around 9833. A break of which could see a lift towards 9928 whilst support should continue along the rising trend line.
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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US Dow Jones fell heavily in late trading yesterday but did find support at a prior support level of 17525, which was 4 week lows. The Dow is testing 17600, a break above which could signal a push up towards the 50 day moving average around 17699 before an attempt of 17800. The RSI is continuing its rise from oversold.
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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Spot Gold found resistance at 1238 overnight, trading at 7 week highs before pulling back and breaking below its 50 day moving average. Support held at 1221 with a break below this level likely to see Gold trading towards 1211. The RSI is still falling after breaking out of overbought territory.
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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