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Markets are mixed this morning with the UK 100 now positive opening on the back foot having retraced to 6500 from Dec 29 highs of 6650. The negative open to kick off the first full week of 2015 stems from continued global growth uncertainty in China and Europe with oil maintaining its southerly course to fresh 5.5yr lows on speculation that the global supply glut will keep it in bear market territory as well as a strengthening USD. Gold has rebounded from Friday’s 1-month lows $1168 to trade back near $1200 despite US dollar strength on divergent central bank policy and equity appetite, likely benefiting from continued short-covering from early December highs and fresh safe haven demand linked to Eurozone jitters on the Greek election outcome and possible exit from the Euro.
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The UK’s UK 100 has broken above its 50 and 100 day moving averages this morning as it looks to attack 6600, with resistance possible at the 200 day moving average around 6585. A break of the 200 day moving average could see the UK 100 approach prior resistance at 6640 whilst support should now come into play at the 50 day moving average.
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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Germany’s DAX is struggling to maintain a firm break above 9800. A recent break above the 50 day moving average could be the catalyst for it to have another attempt at breaking 9800, although the 100 day moving average may provide resistance. The RSI is is rising.
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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US Dow Jones is continuing to decline from its December highs, trading below all of its major moving averages. The 100 day moving average has broken below the 200 day moving average whilst the RSI is rising after a bounce from oversold. Support has held at 17765 whilst resistance may come at the 50, 100 and 200 day moving averages.
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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Spot Gold is still struggling to maintain at break of 1200 after another brief break last week. Spot Gold is trading above all of its major moving averages after trading up from a one month low.
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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