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European equities have sold off a little this morning following comments from ECB president Mario Draghi, which pointed to more easing in the Eurozone at the same time as markets digest a December tightening in the US. This all amid continued geopolitical concerns around the Paris terror attacks – perpetrators said to have been on intelligence services’ watchlists for some time indicating failings therein and breaking news of an attack on a luxury hotel in Mali.
Commodities still languishing although finding some support in US Dollar Basket resistance. Copper staged an overnight breakout above 4-week falling highs to help mining stocks but while Gold is back up above $1080, it’s still too soon to call a bottom on either.
UK Index in a very narrow range with support just about holding around 6320. Dax struggling to go positive despite more dovish ECB commentary. Wall St testing 17800 (potential risk-off double top reversal into the weekend?).
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UK 100 range bound for the last 24 hours with a little Friday morning volatility seeing 6305 and the 100-day MA hold as support thus far. 6400 and May falling highs remain a realistic target to the upside while we note the RSI has bounced from oversold.
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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 broke out above the ceiling of a 2.5 mth shallow (and wide ranging) rising channel and is pausing just north of its 200-day MA. RSI remains bullish in upper half of range.
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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US Dow Jones futures pausing around 17800 with potential for this to become a bearish double top reversal with target 17600 should we see a risk-off session stateside. However, plenty of time for the level to be broken, especially given Fed speakers performing today.
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
Gold well up off $1068 support and has found more at $1080. Note falling Nov. resistance making $1090 a key watch level for the yellow metal.
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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