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Miners and utilities bolster FTSE
The FTSE 100 is hanging in there, and we have seen upside in some of the largest mining stocks as precious metals rise. The flight to safety is seeing increased appetite, with some of the utility stocks making gains also.
For now, the 50DMA is holding the price action. And, while we are above 6700/10 and the 38.2% Fibonacci retracement on the one-hour chart, we could anticipate that, if risk appetite does manage to reappear, the 6770 level will be targeted from here.
Any drops through 6698 on a closing basis bring 6640 back in view, last seen in mid-February. Consolidation seems the likely scenario for today unless we have further developments from Ukraine.
Fearful investors desert DAX
The DAX is not faring as well as the FTSE. It has shed some 200 points and is trading below the 9500 marker as well as the 50DMA this morning, as tensions in Ukraine drive investors to bunds and gold.
We are seeing bids at 9426 presently, so any drop through this metric should see 9404 come to the rescue. However, the gap down from Friday’s close will be tough to fill from here.
Looking at the weekly chart, the indecisive candles over the past fortnight represent a corrective phase and, if the current selloff escalates, a test of the 100DMA is not out of the question. This metric currently resides at 9311.
Dow slides towards recent support
US investors will awaken to a fairly downbeat index, nestled against its 50DMA and testing the 200-hour moving average at present. Below this is the 16,115 level, which has served as a decent support over the past number of trading sessions. Should this fail, then we could expect a return to the 24 February lows of 16,050/60.
The 16,000 psychological level should prove difficult for the Dow to breach. A rise back through 16,255 could set us on course to retarget the highs seen last Friday.
For now, all eyes will remain on the situation in eastern Europe. Despite a mixed bag of PMI data from the Eurozone this morning, and the fact that the European Central Bank’s Mario Draghi is due to speak this afternoon, the only likely distraction will be the plethora of data due from the US later today.