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Markets are heavily in the red this morning following another weak session from the States was followed by the Asian markets, most noticeably China’s Shanghai which gave up 5.4%, the most since 2009. Oil stocks continue the weigh on the UK 100 whilst another profit warning from Tesco is helping to drive the markets lower. Gold continued to hover around $1200, demand for the metal torn between interest for a safe haven as equities fall and a strong USD as we factor in a US rate rise and higher borrowing costs next year.
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The UK’s UK 100 has broken prior support this morning with the next key level of support at 6560 and then again at 6493 should the first level be broken. Resistance on the upside may now come into play at 6640. The RSI is still in decline and is now deep into oversold territory.
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 continues to fall from last weeks all-time highs with potential support at 9834 and 9765. Resistance, however, could come into effect at the major moving averages, whilst the 20 day moving average has broken below the 50 and 100 day moving averages. The RSI is trading lower as it falls deeper into oversold territory.
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 is continuing to fall from last weeks all-time highs with support coming into play at 17780 which was a level that has previously acted as support. The 20 day moving average has broken below all of the major moving averages this morning whilst the RSI has broken into oversold territory.
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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Spot Gold still recovering from recent lows, and now trading above its major moving averages. The 20 day moving average has now broken above the 50 and 200 day moving averages, levels that should provide some support. The RSI has now turned lower after bouncing from overbought.
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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