This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity markets mixed after the ECB decision not to accept junk grade Greek bonds as loan collateral. US Oil inventory data reinforced the global crude oil supply glut which weighs heavily on energy stocks and sees oil continue to leak from one-month highs. Gold failed to be boosted by renewed Greek worries, hindered by a stronger USD and China stimulus.
The UK Index has fallen back further from its re-test of 2014 highs 6905 , which remain a significant hurdle, finding support for a second time at 6800. The uptrend from mid-December remains intact but for now we sit within a 2-week sideways channel.
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
Germany’s DAX has rallied back from support at 10800 having touched all time highs of 10987 yesterday. The 2015 trend of rising lows remains intact for the moment, as does the 3.5 month uptrend with its breakout from the Nov-Jan pennant pattern.
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
While the US Dow Jones remain in a 1-month falling channel (17040-17800) it has begun to test the ceiling at and a breakout could confirm a bullish Feb flag pattern offering upside to December highs.
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 continues to fall off within its downwards trend from 22-Jan. While yesterday’s break-out above falling highs at $1280 failed to convert, overnight highs didn’t even get as far as the trendline of falling resistance, peaking at $1275. Note Support remains around $1250.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research