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Equity markets are in the blue this morning ahead of the all important US jobs report due this Friday with UK 100 recovering from a series of selloffs last week to climb back above 7000, helped by better than expected HSBC results that have just been released. Germany’s DAX is also recovering well with only two of its member stocks weighing on the index thus far today. Wall St is back above 18000 while gold is eyeing $1200.
UK 100 is now officially in a downwards channel. The index recovered from April lows in futures trading over the bank holiday weekend with highs of 7060 failing to better those of last Wednesday, allowing a resistance trend line to be drawn.
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 has bounced off the 100-day moving average and rising support dating back to mid-October. Resistance has been encountered around mid-April lows 11650, a break above which could allow recovery back to early April all-time highs 12411.
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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The US Dow Jones continues to trade sideways since early Feb although its range has narrowed significantly since early March with steadily converging highs and lows. the uptrend from late April remains intact as does that from mid-October.
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’s bounce from 6-week lows continues but it has yet to break convincingly above $1200 while falling support since early April remains a concern. Note also potential falling resistance dating back to 9 Feb.
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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