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European equities continuing to tread water (DAX just below the waterline) this morning ahead of an emergency meeting in Brussels (Tsipras summoned to face concerned creditors) while US futures also flat. Markets are holding on to Gold-killing confidence in the hope that this evening’s Eurogroup meeting will produce a rubber-stampable agreement ready for tomorrow’s EU summit, while hawkish Fed and BoE comments concerning US and UK interest rates have gone largely unnoticed (one exception: UK house builders!)
UK 100 is holding and building on this week’s gains so far (not wanting to hang around!) having breached the upper bound of a rising channel and just 5 pts away from key level 6870. Bulls looking for a breakout towards 6900 next while Bears remaining aware of profit taking and uncertainty over today’s 2 key Greece meetings making up the final shoulder of a bullish H&S reversal pattern.
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Possible support
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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 has pulled back a little from resistance 11,600 to test rising support at the 50-hour moving average 11,500 and the lower bound of its rising channel.
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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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The US Dow Jones has encountered resistance around 18,160 with potential (messy) bearish double top still threatening to sink the index back down towards lows 17,700. 2-week uptrend still in play with a breakout and further upside possible but dependent upon events in Brussels.
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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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Gold still testing 3-month rising support $1175 but remains just inside a wide rising channel from March lows $1147 as a USD pullback fails to bolster demand for the yellow metal.
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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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