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European equity markets are negative as the UK Prime Minister adds a snap UK general election to simmering global geopolitics. This has made matters worse for the UK Index by sending GBP to multi-week highs versus the USD and EUR, exacerbating the FX hindrance on its big international component and compounding commodity sector weakness. This as we prepare for the next instalment of results from US banking majors before our own update us at the end of the month.
The UK’s UK 100 is underperforming thanks to Oil Majors (oil price lower, GBP strength), Banks (UK sensitive to election) and Miners (strong GBP, metals prices + Oil lower) and Healthcare (US policy delays). The little help on offers stems from defensives like Rolls Royce, Reckitt Benckiser and financials L&G and St James’s Place (breakout). German DAX being dragged lower by Banks, Industrials and Autos.
The UK Index 100 has broken below 7250 to trade 7-week lows. The DAX 30 is trending back towards 2-month rising support at 12000. Dow Jones Futures have bounced back to 20600 but 20650 remains a hurdle. Gold has seen $1285.8 revert to support amid a minor rebound.
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The UK Index 100 has broken below 7250 to trade 7-week lows.
Watch levels: Bullish 7230, Bearish 7190
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 trending back towards 2-month rising support at 12000
Watch levels: Bullish 12060, Bearish 12010
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 bounced back to 20600 but 20650 remains a hurdle
Watch levels: Bullish 20615, Bearish 20,595
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 has seen $1285.8 revert to support amid a minor rebound
Watch levels: Bullish $1288, Bearish $1284.5
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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