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Equity traders have donned their risk-off hats into the weekend. This is due to a combination of inclement weather, geopolitical concerns, mixed macro data (China) and yesterdays ECB hints about QE tapering that sent EUR to 32-month highs, although this is not hurting the German DAX as much as might be expected. It’s a different story for the UK UK Index with USD weakness (32-month lows) pushing GBP close to Aug highs, hurting sentiment towards UK stocks.
The German DAX is flat as gains for industrial ThyssenKrupp and financial Commerzbank, which likes the idea of tighter ECB policy, are countered by losses for the trio of ProSeiben, Siemens and RWE.
The UK UK 100 is underperforming, being dragged lower by RIO & BHP (Copper off highs, mixed China data) RDSb & BP (US Crude plateaued, strong GBP) and Pharma duo AZN & GSK (profit taking). Trying its best to provide help are the Banking trio of HSBC, BARC and LLOY which all like the idea of tighter central bank policy from ECB (QE taper soon), BoE (UK inflation expectations still too high, may need to act) and of course the Fed (already hiking raising rates).
The UK Index 100 has broken below this morning’s 7375 watch level. The DAX 30 has been checked by twin resistance at 122365. Dow Jones Futures are testing July rising support, but is their more at 21700? Gold has extended its rally to break back above $1345 and trade 12-month highs.
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The UK Index 100 has broken below this morning’s 7375 watch level, but has found intersecting rising support at 7360. Rebound or another breakdown?
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 been checked by twin resistance at 122365. RSI overbought, Bulls hope this is merely a bullish flag after the recent rally, which will be followed by a breakout to 12400. Bears just want a retrace.
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 are testing July rising support, but is their more at 21700? Rebound or further downside?
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 extended its rally to break back above $1345 and trade 12-month highs.
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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