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Equity markets are higher again this morning stemming all the excitement from yesterday ahead of the ECB announcement this afternoon with additional stimulus expected and much talk/speculation following a ‘leak’ as to how it will be structured (Fed style €50bn/month). Gold back from five-month highs $1300, hindered by weaker EUR and stronger USD ahead of ECB announcement.
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The UK’s UK 100 ‘s traded at a fresh 6-week high this morning following the emergence of a bullish flag formation suggesting a possible run towards 6800. Resistance may come into play beforehand around 6750 with support likely at 6700. The RSI is still rising in overbought territory.
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 still struggling to maintain a break above 10300, although it did make a new all-time high in early trading before selling off back below 10300. The 200 day moving average has provided support this morning at 10274, however, this afternoons ECB announcement could create excessive moves. The RSI has falling significantly and is now oversold.
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 continues to make inroads back into the losses incurred earlier this month as it broke above 17600. The Dow is trading above all of its major moving averages whilst the RSI is turning lower after bouncing from overbought.
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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Spot Gold has fallen this morning after breaking below its 200 day moving average. Support has been found at 1285, with the 50 day moving average breaking below the 200 day moving average. The RSI meanwhile is trading at the oversold level.
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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