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Markets are continuing the positive theme once again this morning after a steady session on the UK 100 yesterday saw 77 companies advance, as traders adopted the strategy ‘let the trend be your friend’ and made the most of the inevitable Santa rally. US stocks enjoyed a record breaking session with the Dow Jones and S&P 500 both closing at record highs. The S&P 500 has closed at a record high on 50 occasions this year. Gold advanced from a three-week low as crude oil rallied amid signs of rising physical demand.
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The UK’s UK 100 continues to eat back into the losses incurred earlier in the month after breaking back above 6600. Support could hold around the 50 day moving average whilst resistance could be met around 6640. The RSI is still in decline after falling 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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Germany’s DAX is struggling to maintain a firm break of 9900 after finding resistance once again just above that level. Support could come at the 50 day moving average around 9843. The 100 day moving average has now broken above the 200 day moving average whilst the RSI is still declining.
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 closed at a record high yesterday as it rose for a forth straight session and registering its 35th record close for the year. 18000 is firmly within reach now with a break of resistance at 17970 being the main obstacle. Support could come around the 50 day moving average. The 100 day moving average has crossed above the 200 day moving average whilst the RSI is declining after falling 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 broke below support yesterday to trade at a fresh 3 week low. This level may now provide resistance. The RSI is continuing to rise after a break from 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.
Click here for help with Support & Resistance Click here for help with technicals
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