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Equities positive this morning, holding their recent bounces despite another volatile session in China and a mixed session in Asia with M&A and Q2 results appearing to be the driving forces behind the session’s price action thus far. A bounce by copper may have been helped by Chinese assurances of market stability, however, oil and the safehaven metals remain hindered by supply gluts, uncertain global demand and a strong USD ahead of the Fed’s latest FOMC update tomorrow.
UK 100 found support around 6,500 but needs more of a bounce to counter current downtrend. DAX30 bounced just above 11,000 but also has work to do to signal reversal. Dow Jones declines halted by shallow 4-month falling lows 17,400. Gold sideways at $1095 after bounce but technicals showing potential.
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UK 100 found support at 6500 overnight, just above 9-month rising lows 6475, but work to do before breaking trend of falling highs at 6600 and generating confidence in a reversal.
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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 declines put it back within confines of April-Jul falling channel. Support at 11,025 and regain of 11,100 is positive, with upside potential to July 20 falling highs at 11,400. Any further weakness could see revisit of 200-day MA 10850, even July lows 10640.
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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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US Dow Jones found support at 17400 floor of Feb-Jul shallow falling channel. Bounce through 17,500 could be start of recovery towards July highs. 200-day MA could be a hurdle at 17800.
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
Gold’s bounce from $1077 has already lost momentum, with the safehaven metal now trading sideways at $1095, unable to hold above $1100 on account of shallow falling highs from 20 Jul. However, a break above $1105 could allow for completion of bullish reverse Head & Shoulders pattern at June falling highs $1130.
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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