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UK 100 and DAX both broken out of falling channels. UK Index , DAX and Wall St all displaying bullilsh flag patterns with upside potential. Gold falling back towards support at $1180.
Equity markets continue to rebound from recent lows on renewed Greek optimism (German concessions?) despite all the excitement of late yesterday being undone overnight by parties declaring ‘talks need to intensify’, suggesting yet more time needed.
Positive Chinese data proving favourable to global growth outlook while stimulus still likely from Beijing and era of global cheap money far from over with BoK and RBNZ cutting rates overnight. US retail sales growth likely to revive the fire of debate on US Fed rate hike timing and move the USD this afternoon.
After a pause overnight, the UK 100 rebound from 200-day MA has continued, with this morning seeing delivering a breakout above the 6825 hurdle of falling highs from end-May. A break above 6850 could see another 100pt advance, completing a bullish flag pattern.
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 looking like its UK counterpart with continued rebound from 11000 seeing break uot from the fallnig channel from late May. Bullish flag pattern from 11000 already breaking into stage two and pause with potential for completion around 250pts higher.
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
US Dow Jones seeing its recovery from 17700 take a breather around 18000. If this is a half-way pause during a bullish flag pattern, there is upside potential of 200pts exists is the uptrend resumes.
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 seeing a pullback after its ‘fake-out’ above falling highs at $1187 only got as far as $1192. Nonetheless breached trend-line could now become support which coupled with uptrend from recent lows still being valid, suggests support at $1180.
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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