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Equities are embracing a more Presidential Trump whose congressional address offered just enough to rekindle bullishness (infrastructure + defence spend, tax breaks) even if detail was distinctly lacking. Then again markets move more on hopes and fears than confirmation and facts. Hence the old adage, “buy the rumour, sell the fact”. A stronger USD after hawkish comment from the Fed’s Dudley (March rate hike more likely) is also offering helpful weakness in GBP and EUR to boost the UK Index and DAX.
The UK’s UK 100 is being driven higher by Oil, Miners (base metals), Financials (international banks) and internationally exposed defensives. Dragging their heals are Pharma, Telcos, Safehaven Miners (Gold, Silver) and Utilities. The German DAX is outperforming on a combination of USD strength depressing the EUR, compounded by spicy Eurozone politics (notably France), with its Banks leading the way.
The UK 100 has rallied to test Feb highs of 7320. Breakout possible? The DAX 30 has rallied to test just shy of 12000, but can it make fresh 22-month highs? Dow Jones Futures have broken out from their bullish ascending triangle to test 20900. Gold has found twin support at $1242 to maintain 2017’s uptrend.
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The UK 100 has rallied to test Feb highs of 7320. Having broken beyond recent falling highs, is a breakout possible?
Watch levels: Bullish 7330, Bearish 7295
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 rallied to test just shy of 12000, but can it make fresh 22-month highs?
Watch levels: Bullish 12005, Bearish 11965
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 have broken out from their bullish ascending triangle to test 20900. keeping the uptrend alive and chance of a bullish flag completing around 21200.
Watch levels: Bullish 20,910, Bearish 20,875
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 found twin support at $1242 to maintain 2017’s uptrend.
Watch levels: Bullish $1248, Bearish $1241
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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