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Equity markets are higher this morning with an element of relief rally for US and Asian stocks following the Fed Chair Yellen-induced sell-off, and the UK’s UK Index rallying on the prospect of the pro-business Tories wining a majority in the general election and thus removing fears of unfriendly policies being introduced by the opposition Labour party. Poor China trade data being shrugged off ahead of the US jobs report this afternoon. Greece’s debt negotiations still a concern. Gold tracking sideways with current market concerns being shrugged off.
UK 100 futures rallied higher on election news but failed to better recent 7060 highs. Initial excitement settled with index back around 7000 and trading within confines of recent falling channel. All-time highs achieved with Tories in power. Same again in the days to come? Mid-term RSIs falling back from overbought.
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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 has bounced from 11200 on global relief rally, but remains within the falling channel of late. Daily chart shows index holding uptrend from mid-October and back above 100-day moving average. Daily RSI still in decline, but not 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 recovered from its sharp sell-off, but remains only just above the mid-point of ts recent sideways range. Bulls looking for 18000 to be bettered before getting excited.
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’s has found support from its recent sell-off at $1180 which keeps it in its sideways shift dating back top mid-March. Progress hindered by USD recovery yesterday and absence of panic in face of Greek dent and China growth uncertainty ahead of the US jobs report.
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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