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Global markets have begun the week higher following on from Friday’s positive non-farm payroll and unemployment data from the US. Geopolitical unrest will remain a concern amongst investors. Today’s macro data is thin with the Eurozone retail PMI data being the main point of note.
The UK’s UK 100 broke back above the two key support levels it fell below last week raising hopes of a push back towards 6600. After trading close to 2014 lows last week the UK 100 has managed to trade back above both the 50 and 100 day moving averages, levels that could have proved resistance. The UK 100 will now look to 6600 with resistance possible around 6590. Support to the downside could come around 6529.
Germany’s DAX continues to make lower highs as the 3 week downtrend continues. This morning has seen the DAX break above its 50 day moving average, while it found resistance at its 100 day moving average. The RSI bounced off overbought and is now falling. The 20 day moving average has broken above its 50 day moving average.
The US Dow Jones looks to have made some headway into regaining the ground it has lost over the last few weeks. A break back above 17000 gives hope to push back towards all time highs. The Dow has broken back above its 20, 50, 100 and 200 day moving averages, whilst the RSI is still in oversold territory.
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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
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
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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