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Equities are off their best levels and back under pressure. After an exciting week in terms of volatility, the bounce after the sell-off is looking more dead-cat than bullish-reversal, with major indices testing support levels and looking set to resume the downtrend that began late Jan, resulting in in stock market corrections which took many by surprise.
The UK UK Index is offside due to BP/Shell (Oil lower), Banks (risk off), Pharma (retreating from recovery highs), ULVR, PRU & BATS (US-exposure/GBP strength) overpowering Miners (USD lower/base metals up), RELX (bargain hunting, publishing M&A), DGE (defensive), and SN (extended results rally).
The UK Index 100 is testing today’s rising support at 7115. The DAX 30 has breached yesterday’s 12130 lows. Dow Jones Futures have breach rising support at 24100. Gold is back at $1315 support, in a new narrower falling channel.
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The UK Index 100 is testing today’s rising support at 7115, potentially in a bearish pennant/flag that takes the index 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.
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The DAX 30 has breached yesterday’s 12130 lows, pointing back south.
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 breach rising support at 24100. Completed Bearish Head & Shoulders reversal. But could there be more 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.
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Gold’s is back at $1315 support, in a new narrower falling channel.
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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