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Equities are making a very positive start to 2017, building on December rallies. Investors have clearly retained their pre-Christmas bullishness, preferring to focus to the positives rather than dwell on political uncertainty. Kuwaiti confirmation of oil production cuts bodes well for the OPEC-led deal as does buoyancy for metals prices in spite of USD strength. The latter is providing a helping hand to the UK Index via reciprocal GBP weakness with Financials, Telecoms and Oil driving the UK blue-chip index to offset lagging defensives. DAX underperforming with Deutsche Bank losses hindering gains among Autos.
The UK 100 is back from its test of 7200 but still holds above the 7160 overnight breakout. The DAX 30 has broken above 11550 to trade 17-month highs of 11600. Dow Jones Futures look to be in the midst of a bullish inverse Head & Shoulders reversal to 20,000 or better. Gold has broken back below $1150 but is holding rising support at $1147 so far.
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The UK 100 is back from its New Year test of 7200 but still holds above the 7160 overnight breakout. Bounce? Daily RSI overbought.
Watch levels: Bullish 7175, Bearish 7145
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 DAX 30 has broken above 11550 to trade 17-month highs of 11600. Can it rally back to all-time highs of 12400 thanks to a weaker EUR? Like the UK Index , daily RSI overbought .
Watch levels: Bullish 11620, Bearish 11575
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
Dow Jones Futures look to be in the midst of a bullish inverse Head & Shoulders reversal to 20,000 or better.
Watch levels: Bullish 19915, Bearish 19875
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 has broken back below $1150 but is holding rising support at $1147 so far. Strong USD a hindrance.
Watch levels: Bullish $1151, Bearish $1145
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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