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Equities are on the back foot into the end of the week, albeit to varying degrees, sentiment struggling under the weight of US markets coming off their highs and losses in Asia overnight. A rather un-presidential Washington press conference and continued cabinet nomination problems have added to political uncertainty on both sides of the Atlantic. This coupled with weakness in the commodity space is weighing on sentiment, taking the wind out of a Trump trade’s sails before a long weekend – ironically after yesterday’s little outburst – for President’s day.
The UK Index is held back by Financials, Oil and Miners countering continued strength among Healthcare and big Defensives benefiting from a weaker GBP, this after the USD pull-back and this morning’s poor UK Retail Sales. Germany’s DAX is weighed down by Banks and Autos while Wall St futures suggest a similarly weak start for their final session of the week.
The UK 100 has found twin support at 7260 which could yet engineer a bounce. The DAX 30 is testing 11700, having fallen further from recent highs. Dow Jones Futures have rolled over from record highs to test 20550 for support. Gold’s bounce from $1220 continues, keeping those bullish flags alive.
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The UK 100 has found twin support at 7260 which could yet engineer a bounce. RSI still bullish, holding above neutral
Watch levels: Bullish 7285, Bearish 7265
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 is testing 11700, having fallen further from recent highs. Note RSI still not oversold.
Watch levels: Bullish 11725, Bearish 11690
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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Dow Jones Futures have rolled over from record highs to test 20550 for support. Note RSI close to oversold where it has yet to venture in this month.
Watch levels: Bullish 20,570, Bearish 20,540
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 bounce from $1220 continues, keeping those bullish flags alive.
Watch levels: Bullish $1244, Bearish $1239
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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