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European equities have reversed a negative start to trade fresh highs, bolstered by the Chinese weekend rate cut adding to accomodative global central bank policy stances (QE, low/negative rates) and hopes that the manufacturing sector can be revived in the world’s #2 economy. Gold off its highs, but maintaining recovery trend from $1200 hindered by strong USD and absence of safehaven demand as Europe/Greece calms.
The UK Index has made another fresh all-time high, although still making only incremental gains rather than any decisive break to the upside. Still potential for bullish ascending triangle pattern to deliver breakout and 100pts upside and see 7000 visited for the first time.
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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 continues to accelerate away from its trend-line of Feb rising support, with step changes continuing to be delivered and another all-time high this morning.
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 remain within the confines of recent highs 18242 and the prior breakout at 18100, although it continues to peter back from the former as momentum wanes. Pause before a revival of prior uptrend?
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’s recovery uptrend off 4-month rising support at $1200 continues and it looks like the yellow metal has adopted another narrow channel for the ascent. Beware multiple long candlestick wicks suggesting appetite to test high, but failure to close/crytsalise.
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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