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Equities are extending yesterday’s losses in a general risk-off move. This follows more China-inspired selling of metals overnight to hurt the commodity space and an IEA report on oil adding fuel to the global oversupply story. Compounding this are nerves about tomorrow’s US tax vote and dovish comments from the Fed’s Evans which have sent USD lower, resulting in reciprocal yet unwelcome GBP and EUR strength this side of the pond.
The UK Index is suffering from declines by heavyweight Oil majors (BP, RDS), Miners (GLEN, RIO, BHP, AAL) and Banks (HSBC, LLOY, BARC and RBS) while the likes of Telecoms (VOD, BT), Tobacco (BATS, IMB) and Pharma (AZN, GSK) display their defensive qualities by offering some, albeit not enough, buoyancy. The exporter-heavy German DAX underperforms due to EUR strength, with weakness across the board but most notably among Banks, Utilities and Industrials.
The UK Index 100 has extended its steep downtrend below 7400. The DAX 30 has broken below 12900. Dow Jones Futures have found multi-week support at 23265. Gold trades $1285 highs for this week thanks to the risk off mood and weaker USD.
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The UK Index 100 has extended its steep downtrend below 7400. Breach of 200-day moving average. RSI not yet oversold.
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 below 12900. RSI not yet oversold. Steep falling channel.
Watch levels: Bullish 12,900, Bearish 12,850
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 found multi-week support at 23265. Bounce or break lower?
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 trades $1285 highs for this week thanks to the risk off mood and weaker USD.
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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