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Equity markets remain in the red after Greece elected to use a loophole deferral of its IMF debt payment until month end, suggesting nothing left in the coffers and closer to default as negotiations with creditors make little progress. Caution set in ahead of US jobs report also, with a good report likely to be interpreted as stimulus- and thus market-negative in this era of addiction to cheap money and fear of a Fed rate rise. UK 100 completed bearish double-top and now testing 6800, DAX holding around 11200 May lows, Wall St futures still testing Feb rising support and Gold fallen below $1180.
UK 100 completed bearish double-top pattern with fall back to 6810. With projections merely minimum objectives, and with the index testing 6800, potential for more downside.
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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 yesterday’s lows, keeping downtrend from mid-May alive, however, it has yet to make a test of early May lows. Long-term rising support now long abandoned. Next stop 200-day MA at 10708?
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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 still testing rising support from February via downtrend from mid-May. If 4-month uptrend broken, watch for support from 200-day MA 17770
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 has fallen below $1800 and a bounce has seen the breached level serve as resistance. Downside to May 1 lows 1170? Or continuation of mid-May declines all the way to March lows $1140?
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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