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Global markets have once again opened strongly after some better than expected macro data out of Asia overnight was followed by strong data from Spain this morning, showing that the Spanish service sector rose at it’s fastest pace since December 2006. Could this figure set the tone for the other countries who will be releasing their own PMI data throughout this morning too. Also helping too keep the markets heading north this morning was news that Russian President Putin had spoken with the Ukrainian President and both had largely agreed to a way out of the trouble in the area. However, tensions deepened in the Middle East as reports of another US reporter being executed was released, amid concerns that the US may now deploy troops on the ground.
UK’s UK 100 is still trading at 2 month highs this morning as it looks to make an attempt at breaking through possible resistance at July highs of 6875. A break of this level followed by a break of June highs could see a push towards year highs for the UK 100 . Although the RSI has now moved into overbought territory, the upward momentum could see the UK 100 at year highs.
Germany’s DAX continues to tread water and tick up slowly. The 1 month rising trend line is still holding firm, however, the longer term falling trend line from early July continues to prove a level of resistance with a break above giving rise to a push towards 9700. Although a weak set of PMI numbers this morning will do little to aid the upward move.
The US Dow Jones has found the resistance towards the all-time highs set last week difficult to break, although news from Russia and Ukraine this morning that there has been an agreement between the two parties on a permanent ceasefire has given the Dow a lift in early futures trading, which could see another all-time high set today.
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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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