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The Markets are trading lower again this morning even after NATO announced that Russia had significantly withdrawn its forces from Ukraine as tensions look to subside. US markets struggled overnight as the US and Arab counterparts continued their airstrikes against IS in Syria. Concerns surrounding the growth of China’s economy are still rife, with Goldman Sacs slashing their growth forecast for China.
The UK’s UK 100 found support at some 6 week lows in out of hours trading as it looks to avoid wiping out all the gains made over the last 7 weeks. The RSI is still in an upward trend since breaking out of oversold territory while the 50 day MA has broken below the 100 and 200 day MA’s.
Germany’s DAX has sustained its break below the 7 week rising trend line with a possible move lower into the 9400’s likely. The RSI is heading back towards oversold territory and the 50 day MA has now broken below both the 100 and 200 day MA’s.
The US Dow Jones continues to struggle since hitting all-time highs last week. Support was seen just above 17000 overnight, a level that has served as support before. Resistance isn’t too far away to the upside, however, we may see a few levels of support before any break below 17000. The RSI has turned lower, while the 50 day MA has broken below the 100 day MA and is now closely approaching the 200 day MA.
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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
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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