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Equity markets are off their highs this morning after the UK Index and DAX broke their respective records at the back end of last week. The pullback in the City of London comes amid UK deflationary fears as cheap oil and a supermarket price war drive prices down. Wall St. joined its European peers in posting gains but failed to break its own record, preferring to hit April highs instead before mirroring peers and coming back. The subdued start to the week comes with depressing Chinese data likely to weigh heavily on mining stocks and a leadership crisis at Volkswagen. Elsewhere, Greece’s creditors are furious with Tsipras and his government who have failed to submit a comprehensive list of reforms, continuing a trend of half hearted promises and time buying interspersed with mild blackmail in the form of buddying up with Russia. Gold is floating along on a strong but not really strengthening US Dollar Basket.
UK 100 is back trading above 7000 and in a 7-day uptrend with rising lows from 1-April. A pause to test rising support will provide the impetus for a nother test of all-time highs, or a fall back towards horizontal support around 7020.
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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 is sitting just off its own all-time highs and testing a rising support line above that which has seen it climb to this point over the past 3-months.
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 has struggled to keep up the pace with its European peers although this morning is experiencing a similar sell-off.
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 is staging back in a sideways range, only just holding above $1200 with support around $1193.
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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