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Global equities in the green this morning as investors focus on the positives in the ongoing Greek debt negotiations, preferring to be optimistic about the outcome of talks in which the participants aren’t all that keen on compromise. A commitment to forge a deal on the part of Greek PM Tsipras seems enough to buoy sentiment for the time being, with a bailout extension request likely today. Demand for Gold is low today and for the coming week with the Chinese market closed for Lunar New Year.
The UK Index has found support at 6900 with the level having converted from resistance after months of failed tests. Nonetheless, with overnight highs of 6921, this leaves us in a rather narrow range. Feb rising lows remain intact and bulls still eyeing a re-visit of 6950 all-time highs.
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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 is back in the upper half of its February rising channel, eager to test recent all-time highs 11013. The uptrend from mid-October remains intact, but the trendline of support is a significant 1000 pts below.
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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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The US Dow Jones continues to inch towards all-time highs, but the speed of ascent and thus momentum is waning a little. Still potential for recent highs and lows to keep the index in a sideways channel.
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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Gold has taken another leg down and found support around $1204 which could help keep the uptrend from early November intact. The metal nonetheless remains in a downwards channel from end-Jan. Which will prevail?
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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