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Our major equity markets UK 100 , DAX and DOW are all trading below water this morning as traders react to news of negotiations between Greece and its creditors to release desperately needed bailout funds once again collapsed, wasting yet another weekend and taking Athens a step closer to what markets fear most – default and a potential exit from the single currency Eurozone. Gold sideways as a result of the opposing forces of Greek concerns and a strong USD offset each other ahead of what is seen as a crucial week for Greece and the latest Fed meeting and policy decision on Wednesday.
UK 100 back trading around last week’s lows 6725. Potential for bullish double-bottom reversal which could complete at 7010, but current downtrend could also continue to 1 Apr lows of 6670 before buyers re-emerge.
Solid Green line
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 struggling under the weight of falling highs with downtrends from 10 Apr, 22 May and 11 Jun to contend with. Potential for support again around 10900 but downtrend could also continue towards 20-day moving average 10543.
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 failed to hold above 18000 after bouncing from May lows 17684. Downtrend from 19 May remains to be broken, but support at 17800 (thanks to 200-day moving average) gives some hope of reversal via rising lows.
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 trading sideways around $1180 in a narrowing pattern. Will there be a breakout or a breakdown. Converging triangles tend to be continuation patterns for the prior trend which in this case is bullish from 5 June lows, but within a longer term downtrend form mid-May mult-month highs.
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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