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Global markets are negative this morning after another day of gains yesterday. The UK 100 is feeling the ex-dividend impact of some of the major blue chips today having traded at 3 week highs yesterday. Global tensions were heating up again overnight after rockets were reportedly fired from Gaza into Israel, violating a the temporary ceasefire that had been in place. Concerns that the US may step up their airstrikes on Islamist militants after claims that a US journalist had been killed in Iraq.
UK’s UK 100 is continuing on it’s short term uptrend after hitting 3 week highs yesterday. The longer term trend still suggests a sideways movement, with the UK 100 looking to claw back the losses seen at the end of July / start of August. The UK 100 is trading without 11 points after a few of the major blue-chips went ex-dividend. If yesterday’s resistance of 6785 is broken a push towards mid July highs could still be on the cards. However, global tensions could play their part.
Germany’s DAX broke through short term resistance at 9325 yesterday but is subsequently falling below it again this morning, so this level could once again prove an area of resistance. The short term uptrend is still in place after hitting 5 month lows earlier this month. A failure to retake the resistance at 9325 could signal a pull back towards the short term rising trend line around 9100.
The US Dow Jones is still making headway into the losses incurred at the end of July with 17000 within touching distance. However, increasing tensions from Iraq overnight may put the breaks on the short term rise. Yesterday saw resistance at 16931 which may be a level to keep a close eye on today with a break above giving potential to a push back above 17000.
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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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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
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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