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Equity markets are recovering tentatively this morning as we move further into a week so far devoid of any real macroeconomic drama – Greek concerns becoming more ‘boreish’ than bearish and expectations of what the US Fed might or might not do leading investors to look elsewhere for firm buy and sell signals. UK 100 is in the green but not surging upwards as the election continues to keep things muted in the UK. Germany’s DAX has managed to get back into its own rising channel on good economic growth forecasts while Wall St. is punching below its weight, but punching hard as it moves up past 18100. Gold hanging on just below $1200 and still failing to shine from a lack of demand with the recent rally looking weak at best. All signs point to a potential break downwards as the yellow metal’s arms tire.
UK 100 is still managing to remain in the upper half of a 2.5 month rising trend. Currently eyeing 7100 as the index heads into a pennant pattern which may indicate a significant break to the upside. Persistent resistance around 7100 keeps the outlook balanced, however.
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 testing the upper bound of a falling channel within a wider sideways trend.
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 is testing the upper bound of its own falling trading channel as it struggles to break out towards prior record highs. On the other hand, support at April rising lows will endow bulls with some confidence in an eventual breach.
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 is stable but below $1200 this time round as demand falls sharply for safe haven assets. The yellow metal now in the midst of a bearish flag pattern that could signal further downside although support at April rising lows is still in play.
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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