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Global equities under pressure this morning following a veritable fruit punch of economic data and investor wariness on corporate results. Surprisingly dovish US Fed minutes hit the USD, giving gold a boost from its Lunar New Year lull, while the wait continues for confirmation that Greece is to request an extension of its bailout renegotiation programme.
The UK Index has continued to fall back from fresh 15-year highs 6921. However, it could find support around Feb rising lows at 6840. Coupled with shallow rising highs, however, we note the possibility of a bearish wedge pattern being in formation.
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 is still within spitting distance of mid-month all-time highs. The 2015 uptrend is still alive with potential for Feb rising lows to help with another test of 11000 and maybe even a breakout from a bullish ascending triangle.
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 has continued to weaken back from recent 18055 highs, giving up its post-FOMC minutes gains to test 17950 this morning. While, remasining close to all-time highs and with the daily RSI still showing rising support, we can’t help but note waning progress.
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 has bounced off $1200, which keeps the 3.5-month rising trend intact but the metal has yet to break out from the confines of its downwards channel from end-Jan, which could see it sink further.
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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