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Equities are higher this morning, the UK’s UK 100 within spitting distance of 7300 on what could today prove its best ever winning streak, fuelled by fresh GBP weakness (trade deficit widens vs EU) and positive contribution from Telcos, Miners and Grocers that offsets hindrance from a mix of Defensives, Travel and Financials. Markets are on tenterhooks ahead of a 4pm Trump press conference, especially after overnight claims about his links to Russia and antics behind closed doors. Germany’s DAX is outperforming thanks to a still weak EUR and gains by VW and Utilities while the Dow Jones sits just above fresh support that could yet allow it reach the fabled 20,000 mark. Oil has found some welcome support after a 2-day selloff.
The UK 100 has bounced from 7260 in the midst of a 24-hour bullish flag that could help it break above 7300. The DAX 30 is rebounding from 11520 towards the 11640 ceiling of its 2017 sideways channel . Dow Jones Futures have found support at 19840 after a breakdown from its 2017 up channel. Rebound or support turned resistance. Gold is struggling to better $1190 since yesterday, still in an uptrend but with negative divergence on the RSI.
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The UK 100 has bounced from 7260 to make fresh all-time highs, in the midst of a 24-hour bullish flag that could help it break above 7300.
Watch levels: Bullish 7295, Bearish 7275
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 rebounding from 11520 towards the 11640 ceiling of its 2017 sideways channel. A breakout could mean it is one big bullish flag that goes as high as 11760, approaching the highs of July 2015.
Watch levels: Bullish 11640, Bearish 11600
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 found support at 19840 after a breakdown from its 2017 up channel. Rebound, or 19890 support turned resistance?
Watch levels: Bullish 19890, Bearish 19870
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 is struggling to better $1190 since yesterday, still in an uptrend but hindered by fresh UDS strength and negative divergence on the RSI hinting at potential for correction.
Watch levels: Bullish $1191, Bearish $1186
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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