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Equity markets mixed this morning with Greek saga and prospect of US rate rise still weighing on sentiment. While disappointing Chinese inflation data following hot on the heels of poor trade numbers would normally be stimulus positive and thus good for equities, it has done more to fan the flames of concern over growth in the world’s second largest economy and cast gloom over the global growth outlook than anything else. UK 100 testing 200-day MA 6774, DAX30 fallen back to early/mid-Feb highs 10980, Wall St Futures testing 200-day MA 17793 and Gold trying to break back above $1180.
UK 100 hovering just below 6800 having found support around the 200-day MA 6774. Yet to deliver any any signs of decisive break-out required to counter downtrend from end-May.
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Possible support
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Germany’s DAX fallen back to early/mid-Feb highs to test support at round number 11000. End of downtrend from mid-May and early April? Still above MA 10742, but RSI as yet not oversold.
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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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US Dow Jones still in June downtrend, but holding around 17790 thanks to 200-day MA.
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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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Gold may have bounced thanks to an Obama-inspired USD reversal, however, the yellow metal is struggling to better $1177-8 on account of triple whammy resistance at $1180 from recently breached support, June falling highs and the 61.8% Fibonacci retracement of the move from mid-Mar lows to mid-May highs move.
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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