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Equity markets found some support after yesterday’s Greek debt, Spanish politics and USD strength-inspired sell-off. While uncertainty remains mid-week, UK Index and Wall St found support at 100-day MAs, and trying to get back to 7000 and 18100, respectively, however, DAX remains under pressure at 11600 with its bounce having already retraced. Gold benefited from March rising lows kicking in at $1185, although still in a downtrend from mid-May , hampered by strong USD.
UK 100 bounced back from sharp test lower. Support via 100-day MA. April rising lows and falling highs in competition. Which will prevail? Converging triangle to serve as continuation pattern for existing uptrend?
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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 back at yesterday’s lows, with potential for a breakdown to May lows although long term rising support could kick in again, this time at 11500. Currently testing 10-day MA support having found resistance t the 50-day MA.
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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US Dow Jones breakdown gathered pace yesterday to test 18000. Support or pause? Still in 2015 uptrend, but could still fall further before major support. Watch yesterday’s breakdown 18200 serving as resistance for any up-move.
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 found support at March rising lows which could serve as platform for recovery to recent highs, but the safehaven is still contending with an ever strengthening USD which is hindering demand. Trading below major moving averages. Beware fall highs from mid-May, which could cap any relief rally at $1200.
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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