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Investors remain bullish as they return from the long weekend, sentiment buoyed by positive PMI Manufacturing data from Europe offsetting soft prints from China and underwhelming reads from the US. They are also clearly choosing to ignore soundbites from Trump about breaking up the banks and allegedly frosty Brexit talks between the UK and Europe. All the while we prepare for tomorrow’s Fed policy update and of course Sunday’s French election second round run-off.
The UK’s UK Index outperforms thanks to GBP trading off its recent highs to benefit big international names (HSBC, BATS, ULVR, GSK, VOD) while Oil and the Oil majors cheer Q1 results). Weighing are the Miners, despite bounces for Copper and Iron ore , and Barclays (Trump break-up talk). Germany’s DAX is flat as a diverse group of stocks bookend the index.
The UK Index 100 is back from a bullish test of 7250, trying to keep the recent uptrend alive. The DAX 30 remains sideways around 12450, close to last week’s record highs. Dow Jones Futures tracking back to support at 20900. Bullish flag? Gold has made a double bearish break below $1260.
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The UK Index 100 is back from a bullish test of 7250, trying to keep the recent uptrend alive. Beware both horizontal and falling resistance.
Watch levels: Bullish 7255; Bearish 7215
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 remains sideways around 12450, close to last week’s record highs.
Watch levels: Bullish 12485; Bearish 12430
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 tracking back to support at 20900. Bullish flag?
Watch levels: Bullish 20,940; Bearish 20,900
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 made a double bearish break below $1260, edging towards longer-term support at $1240. Safehaven demand waning as equities remain bid.
Watch levels: Bullish $1258; Bearish $1254
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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