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Equity markets are lower this morning after the Greek national election results showing a sweeping victory for anti-austerity party Syriza. While this generates uncertainty based on strong desire to leave behind austerity and renegotiate/abandon current Troika bailout conditions, as well as empower populist movements elsewhere in Europe, a slightly softer party rhetoric of late means losses are considered not as bad as they might have been.
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The UK’s UK 100 ‘shas recovered from overnight losses to regain 6800. A break back above the 200 day moving average and also potential resistance level of 6800 has given the UK 100 the impetus to push back towards the highs of last week. The RSI is also now trading in overbought territory.
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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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Germany’s DAX powered higher on Friday to register another all-time high, this time breaking 10700 for the first time. Much like the UK 100 the DAX has erased most of the overnight losses and is looking to regain the highs of last week. The RSI is also now trading in overbought territory.
Solid Green line
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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US Dow Jones is struggling this morning at prior resistance of 17600, a level that has proved difficult on a number of occasions of late. The 100 day moving average has broken below the 200 day moving average, whilst the RSI has turned lower after trading close to overbought territory.
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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Spot Gold Gold holding up just shy of five-month highs $1300, although unable to make progress due to the stronger USD. Support should come into play at $1285 while resistance could be met at $1294. The RSI has now fallen into oversold territory.
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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