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Global equities are lacklustre into the weekend as profit taking grips investors on both sides of the pond following recent record highs. However note that both the UK Index and DAX are off this morning’s worst levels thanks to disappointing macro data hampering GBP, coupled with a lessening of French election fears easing populist concerns on the continent. Investors are also looking ahead to a choir of Fed speakers – including Chair Yellen – this afternoon ahead of the central bank’s self-imposed blackout period before the 15 March meeting.
Holding back the UK blue-chip index is WPP (weak 2017 start & outlook), plus the usual mix of Miners (USD strength impacting commodities) and a handful of Defensives, while trying to reinvigorate bullishness is HSBC, RDSb (weak GBP/Crude oil support) and Healthcare (GSK & AZN after latter announces Sanofi collaboration). The German DAX sees Deutsche Borse underperform as investors come to terms with the seemingly doomed LSE merger, only Linde weighing more, while Financials and Utilities are attempting to drag the index higher.
UK 100 survives test of 7360 resistance turned support. Bounce back to further Wednesday’s highs? DAX 30 rebound could be a bullish flag that propels the index beyond 12100. Dow Jones Futures could be forming yet another bullish flag to 21500 following bounce and duo of support. Gold continuing weakness after double break down at $1240 support yesterday.
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UK 100 survives test of 7360 resistance turned support. Bounce back to further Wednesday’s highs?
Watch levels: Bullish 7380, Bearish 7355
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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DAX 30 rebound could be a bullish flag that propels the index beyond 12100.
Watch levels: Bullish 12070, Bearish 12030
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 could be forming yet another bullish flag to 21500 following bounce and duo of support.
Watch levels: Bullish 21,120, Bearish 21,080
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 continuing weakness after double break down at $1240 support yesterday.
Watch levels: Bullish $1235, Bearish $1219
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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