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The Markets have started the morning trading with mixed results after a strong finish last night saw markets close positively. Strong US housing data helped push the US markets higher ending a 3 day losing streak. However, worries still persist over the escalation of violence in Iraq and Syria as the US and their allies continue airstrikes against IS militants in the area. This afternoon’s initial jobless claims and durable goods data from the US could give some market direction, as could the ECB’s President Mario Draghi when he speaks this morning. We then see the BOE’s governor Mark Carney speaking this afternoon too.
The UK’s UK 100 has regained some of the ground it had lost over the last 3 days as it looks to head back towards 6800. The 20 day MA has broken back above the 50 day MA with support likely at 6696. Resistance to the upside may come around 6772, with a break giving rise to a move back above 6800. The RSI has also begun to move upwards.
Germany’s DAX has also made some headway in regaining some of the losses of the last few trading sessions with a break this morning back above the 200 day MA. The 20 day MA has crossed above the 50 day MA as the DAX look to hurdle some resistance levels, the first being the 100 day MA. Support my now come at 9600 while resistance is likely around 9710 and 9782.
The US Dow Jones is flat this morning after a strong end to last night’s session. Macro data due out this afternoon could dictate today’s direction. This morning we have seen the 20 day MA cross above the 50 and 200 day MAs, while the RSI is still falling from overbought territory. Support may come around the 200 day MA, with little in the way of resistance to the upside a push back towards last week’s high is a possibility.
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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.
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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
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