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Daily Technical Analysis 3 Sep 2015

Discussion in 'Technical Analysis' started by Sandra S., Sep 3, 2015.

  1. Sandra S.

    Sandra S. Forum Member

    Sep 1, 2015
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    Dow Jones [​IMG]
    Wall Street edged sharply higher, with the DJIA closing the day 293 points higher at 16,351.38, ending a 3-day losing streak. There was no clear catalyst behind the rebound, but the limited slide in Chinese stocks may have encouraged US investors to buy back at lower levels. The intraday recovery was enough to reverse the technical bearish tone of the index, as the daily chart shows that the 20 SMA maintains its strong bearish slope well above the current level, whilst the technical indicators are once again bouncing from oversold levels, but below previous highs and well into the red. In the 4 hours chart, the index is currently pressuring a bearish 20 SMA, whilst the technical indicators aim higher, but still below their mid-lines, pointing for some further intraday gains on an advance above 16,446, a strong static resistance level.

    Support levels: 16,310 16,204 16,072

    Resistance levels: 16,391 16,446 16,526


    FTSE [​IMG]
    The FTSE 100 added 24 points or 0.41% on Wednesday, closing the day at 6,083.31, having lost its early gains on the back of oil prices' fall. London stocks failed to attract buyers, as Chinese fears continued to weigh on commodity-related shares. The London benchmark holds above the 6,000 level, but the negative tone prevails, as the daily chart shows that the index continues developing well below its moving averages, while the technical indicators have bounced back higher, but remain below Tuesday's highs. Shorter term, the bearish potential has increased as the index was unable to establish above its 20 SMA, currently capping the upside around 6,104 whilst the Momentum indicator heads sharply lower below the 100 level, and the RSI is slowly turning south around 43. The weekly low stands at 5,983, and it will take a break below it to confirm additional declines towards August low at 5,768.

    Support levels: 6,018 5,983 5,929

    Resistance levels: 6,104 6,163 6,237


    Gold [​IMG]
    Gold prices edged lower this Wednesday, with stop down to a daily low of $1,132.06 before bouncing some before the closing bell. The commodity fell as risk aversion sentiment eased on rising European and American stocks, confined to a narrow range ahead of upcoming risk events that can determinate whether the FED will be able to raise rates or not this September. Daily basis, the price is now pressuring a bullish 20 SMA, whilst the technical indicators have turned lower in positive territory, limiting the upward potential for the upcoming sessions. In the shorter term, the metal has turned neutral, as the price stands a few cents below a horizontal 20 SMA, whilst the Momentum indicator remains flat around 100 and the RSI lacks directional strength around 46. An advance beyond 1,134.70, the immediate resistance, may see some intraday gains, although the risk is towards the downside on a dovish ECB for this Thursday.

    Support levels: 1,129.40 1,123.75 1,109.20

    Resistance levels: 1,137,40 1,144.70 1,152.90


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