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Equities showing nice gains and breakouts today after a brief pause, helped by a bounce in commodities prices (notably oil) from rate-hike-delay-inspired USD weakness, M&A sentiment (increased bid for SABMiller), hopes of more monetary stimulus by month-end (BoJ) and positive corporate updates (Samsung). Gains are despite the IMF warning on global growth and emerging markets suggesting this just confirms rate hike delays and more stimulus in the pipeline.
UK Index successfully broken above 6300 September highs and Jan lows. DAX broken beyond Aug falling highs 9900. Wall St closing in on Dec/Fed lows and Sept highs 16950-17000. Gold‘s test of $1150 puts it half-way to completing a bullish flag pattern.
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UK 100 break above 6300 takes it above Sept highs and Jan lows and thus away from the summer turbulence. Potential for retrace to continue as far as 6600 June falling highs and levels seen just before the August black Monday.
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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 broken above Aug falling highs at 9900. Potential for gains to 10400 summer highs
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 futures closing in on key 17000 level which was early 2015 lows and Summer highs. Turnback after strong gains? Or break through?
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 making a go of completing the bullish flag pattern we highlighted $1165. However the trend of falling highs from February remains a major hurdle to clear around $1150. We are testing it, but by no means through. Narrowing trend still in force.
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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