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Equity indices are just offside this morning, but still within easy reach of recent highs as the Trump-Comey storm quietens. Sentiment retains a bullish bias, supported by oil’s rebound dragging metals (ex-iron ore) from recent lows and the EU upgrading growth estimates as Macron prepares to unveil his army of parliamentary candidates ahead of June elections. Little excitement is expected from BoE’s Super Thursday at midday and the macro data agenda is light allowing for a pause.
The UK 100 is flat with strength from RDSb, Asia-focused banks, and Miners dragging it north while several ex-dividends (BP, CNA, GSK, SBRY, ADM) do their best to hinder, along with BT (profits fall), BARC (Staley’s woes), HIK (likely drug approval delay), UK-focused bank (little chance of BoE rate hike), MNDI profits warning and ITV (ydays results). Germany’s DAX is flat, bookended by an eclectic mix; a disappointing outlook and results from ProSibenSat and Deutsche Post, respectively, offset by gains for Vonovia, BASF, Siemens and BMW.
The UK Index 100 has broken out from its 7370-80 overnight range, looking for another test of 7400. The DAX 30 is within a bullish ascending triangle pattern that could usher it back to 12875 record highs. Dow Jones Futures are holding recent 20900 support, but face falling highs resistance since Tuesday. Gold has bounced off 2017 shallow rising support at $1217 and overcome May’s accelerated downtrend.
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The UK Index 100 has broken out from its 7370-80 overnight range, looking for another test of 7400.
Watch levels: Bullish 7405; Bearish 7375
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 has moved form its steep uptrend to a bullish ascending triangle pattern that could usher it back to 12875 record highs.
Watch levels: Bullish 12790; Bearish 12715
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 holding recent 20900 support, but face falling highs resistance since Tuesday.
Watch levels: Bullish 20940; Bearish 20880
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 bounced off 2017 shallow rising support at $1217 and overcome May’s accelerated downtrend.But it faces a hurdle at $1225 and $1250.
Watch levels: Bullish $1225; Bearish $1221
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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