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Equity indices are holding their rebound gains, albeit treading water since the European open, as investors weigh up recent market moves. Whilst not electing to take on more risk before the weekend, nor are they taking any more off the table. A positive statement in many ways, given the political headwinds in play. Supporting sentiment is a weak USD helping US Crude Oil rally back to a $50 handle, dragging Copper, Iron Ore and precious metals along with.
The UK 100 is outperforming thanks to Oil (BP, RDSb), Healthcare (AZN & SHP), RIO & GLEN (copper gains), FRES (precious metals rally) and defensives (WPP, ULVR, BT), offsetting a drag from EXPN (poor results yday, broker downgrade today), HIK (guidance cut) and TSCO (50-day MA resistance). Germany’s DAX is being helped by Utilities (RWE alliance), DTel and BMW with minimal hindrance from Healthcare, Linde and heavyweight Siemens.
The UK Index 100 is sideways 7455-7485, close to a breakout towards 7535 record highs. The DAX 30’s rebound has been checked at 12650. Dow Jones Futures are flirting with 20700, holding an uptrend. Gold is in a rising channel $1249-1254.
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The UK Index 100 is sideways 7455-7485, with potential for a breakout towards 7535 record highs via a bullish inverse head & shoulders pattern. Rising lows support intact from recent lows.
Watch levels: Bullish 7485, Bearish 7455
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’s rebound has been checked at 12650.
Watch levels: Bullish 12630, Bearish 12590
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 flirting with 20700, holding uptrend.
Watch levels: Bullish 20715; Bearish 20670
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’s is in a rising channel $1249-1254. Might it pull back from the ceiling to revisit the floor, before resuming the uptrend?
Watch levels: Bullish $1254; Bearish $1251
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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