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Equity markets are positive thanks to Greek officials being upbeat about a deal soon and EUR-weakening comments from ECB officials about QE. This has benefited exporter names in Europe and helped the DAX’s breakout above its April trend of falling highs. The DOW continues to sail north into uncharted territory, with new highs despite a stronger USD and hawkish Fed chatter. UK Index , however, unable to better recent highs which could set the base for a triple-top reversal pattern. Gold suffering from stronger USD and equity optimism sapping safehaven demand, trading back from multi-month highs.
UK 100 still sideways, unable to get above recent highs 7020 with the index’s uptrend of the last two week fighting with the downtrend since mid-April. Ptential for triple top reversal? Uptrend from mid-December still very much alive helped by bounce off 100-day MA.
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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 has broken out from its April downtrend and made it to May highs. Breakout accentuated bounce off October rising support. Watch for prior highs to serve as support for any weakness.
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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 with its breakout to new all-time highs after a period of consolidation yesterday. Daily RSI still not overbought. Recent gains rather steep.
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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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Gold has faltered after breakout and test of multi-month highs and found resistance at trendline across highs since mid-Feb. Back below key $1220-1225 level due to a stronger USD. Uptrend from mid-March still valid with support at $1190. Dragging Greek talks keeping interest in the safehaven store of wealth. Correction due?
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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