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Equity markets in the red this morning as the global bond rout sees higher bond yields compete with income stocks, uncertainty regarding Greek debt negotiations persists and traders adopt a more cautious tone ahead of tomorrow’s latest US Jobs report which sill surely give rise to fresh USD volatility on account of the read-across to Fed rate rise expectations. UK 100 broken below early June support, DAX testing May lows and Wall St futures dropped back below 18000. Gold holding $1180 support.
UK 100 broken back below 6930 neckline of bearish double-top pattern and early June support. Potential for pattern to complete around 6800. Note market tetchiness regarding Greek debt negotiations and payment deadlines, with any positive news/speculation potentially seeing markets spike.
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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 has traded back down to near 1-month lows having made a decisive break below the long term trendline of rising lows dating back to mid-October. Bounce or break?
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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 holding its downtrend from mid-May, but also managing to stay above late-May/early-June lows. Uptrend from February yet to see decisive test, but a test of 17900 may not be far off.
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 keep its head above water with support at $1180. Downtrend from mid-May, but support going back 3-months. Beware of any break lower seeing quick downside. Below major moving averages. Safe-haven demand lacking despite Eurozone uncertainty.
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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