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The retreat continues with Iraq now on everybody’s radar, US Retail data failing to inspire and overnight Chinese data offering no assistance. UK hindered by the additional threat of an earlier rate rise and curbs to mortgage lending.
The UK UK Index has moved down to the bottom end of its 3-week 6795-6870 range. A break lower would allow for a revisit of 1-month lows of 6770 where we find an 3-month intersecting trend line and 6-week support.
Germany’s DAX is also close to 1-week lows and has fallen back through its 2-month trendline of rising lows at 9930. While initial support may emerge at May lows 9865, the daily graph shows downside potential to 9800 to the 4-month rising lows and May breakout.
The US Dow Jones’ corrected as far as round number 16700 from where it bounced and is trading around the mid-May highs/early June lows of 16750. The recent breakdowns leave hurdles (16820, 16900) before any return to 16969. While we note rising lows since the bounce last night, we do wonder whether, like the DAX, it needs to fall back to its rising lows from Feb (16600).
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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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