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Global markets continued their roller-coaster trading session yesterday as they plunged heavily into the red. Weaker than expected US macro data heightened global growth concerns, whilst the German government said that they are not considering lifting sanctions against Russia. Equities also played their part in the market free fall with the drugmaker’s falling on M&A concerns.
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The UK’s UK 100 has managed to get back above support that was briefly broken yesterday as it set a new year low. Should this level be broken again today we could see the UK Index head towards 16 month lows around 6000. Resistance may be felt at 6316 and again around 6400.
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 found support at year lows yesterday before regaining around 100 points. Resistance may come at 8690 and again at 8894 before we see any attempt to head back into the 9000’s. Should support at year lows fail to hold then 8250 could be the next stop. The RSI has also returned to oversold territory.
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 hit an 8 month low yesterday in an extremely volatile trading session that saw it briefly trade below 16000 for the first time since February. Volatility is causing extraordinary intraday moves with the Dow swinging in the region of 500 points yesterday. The RSI has moved into oversold territory for the yesterday for the first time since early August.
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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