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Equity indices are positive thanks to a host of favourable drivers. Firstly, the Trump trade is being re-embraced via hopes of US tax cut news within the next few weeks. Secondly, Oil has rallied after a positive IEA report suggesting 90% compliance of OPEC-led production cuts. Thirdly, the EU and IMF have agreed a common stance on Greece. Lastly, Chinese trade data offers reassurance about a smooth transition from export to consumption-led economy.
USD strength may be weakening the EUR but this is not giving the DAX the normal currency boost. The UK Index is outperforming despite GBP holding up well, this thanks to Miners rallying on China trade that has given a boost to base metal prices while Healthcare posts further gains to shake off a drag from USD-sensitive Defensives and Financials.
After a test of 7270 highs, the UK 100 is back-tracking towards rising support at 7240. The DAX 30 is back at 11650 intersecting support. Dow Jones Futures have found support at 20200 after retreating from fresh record highs. Gold has pulled back to support at $1222. A Smaller bullish flag forming?
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After a test of 7270 highs, the UK 100 is back-tracking towards rising support at 7240.
Watch levels: Bullish 7255, Bearish 7235
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 back at 11650 intersecting support. Bounce or breakdown?
Watch levels: Bullish 11675, Bearish 11635
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 20200 after retreating from fresh record highs.
Watch levels: Bullish 20,225, Bearish 20,195
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 has pulled back to support at $1222. Smaller bullish flag forming?
Watch levels: Bullish $1229, Bearish $1225
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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