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UK 100 continuing to consolidate/catch its breath following the recent sharp rebound rally while the DAX and Dow Jones find support after a pull-back. Potentially bullish patterns identifiable on all three, but an 11th hour (literally, 11am CET today) compromise from the ‘Tsipras vs Creditors’ show in Brussels likely needed before the bulls can start kicking up the dust again. Gold suffering from a lack of interest despite the usual Greek and global macro-uncertainty.
UK 100 holding on to recent gains, with only a mild pull-back versus peers. If 6800 support holds, potential for rally to resume and bullish flag formation complete around 7000. This is bolstered by any break above 6875 delivering the second shoulder of another bullish reverse head & shoulders bottom pattern with upside to April all-time highs 7127.
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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 found support at 11400 after testing 50- and 100-day moving averages and ceiling of 3-month falling channel at 11600. Pull-back could be pause before breakout and completion of bullish flag pattern at 12100, very much like the UK Index . Note falling channel itself could be larger flag with significant upside potential. Daily RSI broken above falling highs.
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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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US Dow Jones found support around 18000 again, which could serve as platform for second leg upwards to revisit all-time highs 18365 via a double-bottom pattern. Support coincides with 100-day moving average.
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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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Gold languishing around recent lows despite Greek default uncertainty and USD strength taking a breather. Failure to regain $1180 yesterday keeps alive downtrend from 200-day moving average $1204.
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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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