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Global markets have staged a small recovery this morning after another big sell off yesterday, in particular across Europe. Geo-political unrest is still causing concern amongst investors. German markets are closed today for Unity day whilst traders will tread cautiously ahead of today’s Non-farm payroll data release this afternoon.
The UK’s UK 100 broke below two key support levels yesterday to trade near 2014 lows. Next level of support should come around 2014 lows of 6396 before a possible retreat to 6300. Prior support may now turn resistance with the first key level to test being 6500. The 20 day moving average has broken below the 50, 100 and 200 day moving averages, whilst the RSI is still in oversold territory.
Germany’s DAX is closed today which could give traders a rest bite after the recent sell off. Dax futures are trading positively this morning taking its lead from the like of the UK 100 . The downtrend from mid September is still intact, although support was found yesterday 9164, a break of which could see the Dax heading down towards prior support at 9030 then towards August lows of 8900.
The US Dow Jones broke below a key support level yesterday only to break back above later in session. Futures are pointing to a higher open, however, traders will be cautious ahead of today’s Non-farm payrolls. Support is still there at 16774 and again at 16678. Resistance may be found at 16876, 16948 and then around 17000.
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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
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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