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Equity markets are in the blue this morning, clawing back some of yesterday’s losses. This comes thanks to news that Greece made a €200m payment to the IMF (lots more still owed by mid-month) increasing hopes that Athens can cobble together an agreement (last minute of course) with Eurozone creditors to unlock much-needed bailout money. Big improvements were also seen by ES and IT PMI Services readings (better than core Europe) while messages from certain corporate results (EU and US) are serving to boost sentiment. While the UK Index has bounced off late-April support and the DOW off yesterday’s lows, the DAX remains under pressure with new month lows registered this morning and increased risk appetite seeing Gold fall back from near $1200.
UK 100 has found support at late April lows, which could negate the two-week downwards channel highlighted yesterday. Beware potential for Head & Shoulders pattern to see the index break lower. Note bounce from oversold by hourly RSI.
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 testing its 100-day moving average and rising support dating back to mid-October. Note bounce from 11300 this morning to retake 11400 as well as daily RSI benig in decline but not yet oversold.
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 has found support at yesterday’s lows as well as resistance at overnight highs. Uptrend from October and sideways move since early Feb unchanged.
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 has lost momentum after failure to break above key level $1200 (end-Apr breakdown, 100-day moving average) despite plenty of reasons for safehaven demand and the benefits of a weaker USD. The falling April channel remains one to watch.
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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