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Equity markets treading water this morning, consolidating recent gains after solid overnight China GDP data (interpreted as good-data-is-bad-data for policy stimulus addicts) and uncertainty still rife over Greece’s third bailout before Athens’ parliamentary vote on reforms and the IMF last night threatening to pull-out of the rescue plan if Greece is not offered the debt relief that Germany vehemently rejects.
UK 100 pulled back to re-test breakout level 6730 for support. DAX30 doing the same around 11500 having broken out from its 3-month falling channel. Dow Jones regained 18000 but yet to test falling highs from end-May. Poor old Gold just can’t catch a break , sideways around $1155 near 2015 lows in a bearish converging pattern.
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UK 100 sideways after breakout at 6730 meant exit from trend of falling highs from end-May. Breakout level already served as support allowing for 200-day MA 6752 to the tried to the upside.
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 breakout from 3-month falling channel at 11400 encountered resistance at end-June highs 11600. Potential for further gains, with 11500 holding up this morning, but a pause may be in order.
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
US Dow Jones made great progress, but may just be behind the curve compared to European bourses, yet to break above falling highs form May. Back above 18,000 and longer-term uptrend revived but work still to do at 18100.
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
No let up for Gold which continues to point due south. However, declines have slowed up around $1155 given the proximity to 7/8 month lows $1142. A converging triangle pattern is normal means continuation of the prior trend (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.
Click here for help with Support & Resistance Click here for help with technicals
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