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Equities are marginally lower as we begin the new week with markets struggling for direction amid a lack of significant macroeconomic and corporate releases. Rising geopolitical tensions are keeping a lid on any major market moves, despite investors once again returning to equities following Friday’s preference for safe-haven assets Gold, the Japanese Yen and US Treasury Bonds. Crude Oil prices are recovering at a leisurely pace after falling back from 1-month highs on Friday as Libya’s largest oil field suspends output, while Sterling trades higher against both the Euro and USD, the latter having posted a fresh 3-week high overnight.
On the UK’s UK 100 , Oil majors BP & Shell are keeping the index slightly offside (-7pt impact) as crude oil remains a touch lower than Friday’s highs, while AZN (Jeffries downgrade), USD-influenced heavyweights RB & IMB and defensives NG, ULVR and DGE also contribute losses. Attempting to pull the index higher are BLT (shareholder recommending assets sale) providing read-across for sector peers GLEN and RIO, while banking heavyweight HSBC (China to reportedly offer greater US financial access) and GBP influenced ABF & IAG are also contributing gains.
The UK Index 100 is holding above 7340 as the index tests rising lows support. The DAX 30 is holding above rising support at 12180 after early challenge of 12260 resistance. Dow Jones Futures are engineering a bounce from 20635 support after failed overnight challenge of 20700 falling highs resistance. Gold is back blow $1260 and testing emergent rising lows support at $1252.
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The UK Index 100 is holding above 7340 as the index tests rising lows support. This follows failed overnight challenge of 7363. RSI (hourly chart) recovered from overbought.
Watch levels: Bullish 7355, Bearish 7330
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 holding above rising support at 12180 after early challenge of 12260 resistance.
Watch levels: Bullish 12225, Bearish 12175
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 are engineering a bounce from 20635 support after failed overnight challenge of 20700 falling highs resistance.
Watch levels: Bullish 20,675, Bearish 20,615
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 back blow $1260 and testing emergent rising lows support at $1252.
Watch levels: Bullish $1255, Bearish $1250
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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