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Equity markets largely in the red this morning, coming down off yesterday’s heady reaction to news of a Greek deal (now more pseudo-deal) as Alexis Tsipras returns to a revolution within his Syriza party. Fears of a Grexit back on the minds of investors with UK 100 remaining pressured beneath resistance at falling highs since June, DAX30 back from yesterday’s highs 11,500 and Dow Jones failing to break its own Monday highs 18,000.
Gold still in the doldrums and seemingly devoid of purpose these days with heightened uncertainty in Europe and an Iranian nuclear deal (most notably annoying Israel by lifting sanctions) failing to encourage worried investors back to the traditional safe-haven commodity.
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UK 100 is struggling to maintain momentum after an impressive news-led Monday bounce that filled the June gap. Falling highs from April (accelerated in May) proving a major hurdle while a dead cross by the 50- and 200-day MAs, not to mention the future of Greece, make for a bearish short-term outlook.
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 has broken out of a 3-month falling channel giving the index potential to reverse its downtrend though breakouts above resistance at 11600, 11,900 and 12,050 will be required before April highs 12,400 come back into view.
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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US Dow Jones back from resistance at 18,000 with further resistance-in-the-making at falling significant highs from mid-May. Gap of two weeks ago now fully filled.
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 still suffering from safe-haven dis-interest, still plagued by falling highs dating back to mid/end-June. Converging highs and lows forcing the yellow metal into a continuation pattern. Note momentum finding support at rising lows; potential to go positive today.
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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