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And so the run of record-setting highs comes to an end with major bourses retreating as traders take profits concerned about complacency and the emergence of fresh risks following a period of relative calm.
The UK UK Index remains locked in a tight 1-week 6795-6870 range with catalysts lacking (for now) for a break either way. Note falling highs from mid-May with initial support and resistance at 6823 and 6850 retrospectively.
Germany’s DAX found support where expected – 2-month rising lows – at 9910 and RSI has rebounded from oversold. There is potential for a return to highs of 10025, but any break lower would take us to 9865.
The US Dow Jones’ has completed a double-top, falling the 70pt the pattern projected. Further to fall? The daily chart says yes with RSI falling from overbought and this was a reliable signal when oversold in Feb. The shorter term charts say support at 16740-50. Resistance likely at 16900.
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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
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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