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While UK and US equities find support following recent declines, the hitherto rampant German index takes a breather having made fresh all-time highs. The USD Index finding resistance at 100 has offered some respite for commodities and the miners with Oil bouncing nicely, although safehaven Gold has failed to shine its way much higher despite plenty to be concerned about (Greece, slowing growth).
UK 100 found support at 6690 following steep declines/correction and made a recovery attempt to break above 6750. Watch for today’s highs proving a hurdle, as they correspond with 9-11 Feb lows which could be support-turned-resistance. Genuine recovery or potential for another leg down.
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 is taking a breather from its QE-inspired rally to fresh all-time highs. The 2015 uptrend and rising support remains strong, but with major support not until 11500. Daily RSI 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.
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The US Dow Jones have up a little more last night, but the speed of declines has slowed. Nonetheless, with another lower high this morning, the downtrend from recent all-time highs is yet to be broken.
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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Gold managed to find support at $1148 overnight thanks to a weaker USD, but there is still potential to challenge Dec low of $1142 and Nov lows of $1132. Falling channel from January continues. Daily RSI oversold, but could be primed to recover.
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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