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Equity markets are on the up this morning with UK 100 leading the surge, back trading around 7000 on the back of Oil & Gas M&A news – Royal Dutch Shell have agreed to pay £47B for BG Group with investor excitement buoying UK oil & gas stocks. The US Dow Jones is also up with the energy sector boosting shares globally as investors begin to eye opportunities. Germany’s DAX is struggling to make further headway, however, after disappointing factory orders came out this morning. Gold still sideways as investor confidence in higher risk securities keeps safe haven demand subdued.
UK 100 is back in the upper half of its 1-month sideways channel, hovering around the 7000 mark having lost a little momentum after this morning’s jump. 7000 proving resistive so far today, with bears looking to a fall back towards support around 6860.
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 having trouble breaking through resistance around 12140, however is becoming ever more constrained by 3.5-month rising lows which could converge with horizontal resistance towards the end of the month. Where after that?!
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 is also struggling to find a direction other than that of time’s arrow, although it is sitting comfortably above resistance around 17850.
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 is trading sideways with a gap yet to be filled below recently found support around $1207.
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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