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Equities are holding around recent highs buoyed by hopes of continued US Fed ‘patience’ before a rate rise, a higher oil price, support from Germany’s ruling Conservatives for the Greek debt extension, Greek PM Varoufakis saying Greece has no immediate liquidity problems and continued hopes of easy global monetary policy. Gold bounced off $1200 – thanks to weaker USD – to test falling channel and keep the November uptrend alive.
UK Index ‘s February uptrend accelerated with new steeper support line over last 5 days. Rising lows and multiple tests of recent highs could form an ascending triangle pattern which could be platform for decisive breakout .
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 holds above its trend-line of 2015 rising support, with step changes over the last few sessions. Currently sideways around 11200, awaiting a catalyst for fresh all-time highs.
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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The US Dow Jones is holding its breakout from the 2-month sideways channel and very close to yesterday’s fresh all-time highs. February uptrend intact. Sideways over the last 36 hours.
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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Gold has seen a reversal of fortunes, with recovering from a test below 3.5 month rising support to engineer a bounce from $1200 and potential break out from the hitherto solid down channel dating back to late January.
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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