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Equities are rallying this morning on optimism (misplaced?) that OPEC will actually agree to something meaningful, sending oil prices north, as well as fresh interest in a range of defensives, notably Unilever which is staging its annual investor event today. This positivity is helping offset weakness within Financials and Miners after UK Bank stress tests showed some capital shortfalls and metals prices remain under pressure.
The UK 100 is showing appetite to push north via a quick rally to test 6-day falling highs at 6830. A failed DAX 30 rally to 10700 leaves it in a 2-week falling channel. Dow Jones Futures are also showing appetite to go higher, in a rising channel 19130-19160. Gold remains under pressure from a strong USD, market optimism and multiple resistance around $1195.
The UK 100 is showing appetite to push north via a quick rally to test 6-day falling highs at 6830. However a duo of resistance remains a hurdle.
Watch levels: Bullish 6805, Bearish 6755
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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A failed DAX 30 rally leaves the index in a 2-week falling channel 10550-10700. Does today’s long upper wick mean a venture top the channel floor is on the cards?
Watch levels: Bullish 10655, Bearish 10600
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 Dow Jones Futures are also showing appetite to go higher, in a rising channel 19130-19160. Bounce off channel floor?
Watch levels: Bullish 19165, Bearish 19110
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
Gold remains under pressure from a strong USD, market optimism and multiple resistance around $1195.
Watch levels: Bullish $1192, Bearish $1184
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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