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Another muted open for Equity markets this morning with the persistent uncertainties surrounding Greece and war in Ukraine. Commodity prices continue to dance with mixed economic drivers – gold trending slightly higher with significant progress stifled by conflicting drivers – most notably a strong USD and aforementioned Eurozone turmoil.
The UK Index sits in an ever narrowing range benefiting from rising Feb support at 6800 but held back by this week’s highs of 6850. All eyes on these levels for a break higher or lower to the ceiling or base of the sideways channel from 22-Jan. Bullish ascending triangle pattern forming?
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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Germany’s DAX has seen yesterday’s failure to exceed 10800 add to the trend of falling highs from early Feb. Like the UK Index , the index remains in a sideways channel from late Jan. Note daily RSI continuing to fall back from 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 US Dow Jones found support at the 17700 level from which it broke out recently. However, the overnight high failed to better Friday’s and so keeps the index in a narrow 4-day range. Still potential for a re-visit of 18100, if a break above 17950 can be delivered.
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’s selloff yesterday saw another test of $1230 support and the rebound overnight has struggled to better $1240 (despite plenty of market uncertainty). This keeps the yellow metal in a falling channel from 22-Jan with resistance around $1250, although further support at $1230 could see a move sideways.
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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