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Equity indices are mixed around the half-way mark. The UK’s UK Index outperforms thanks to a stronger oil price ahead of the OPEC Thursday meeting and GBP weakness vs USD and EUR. Germany’s DAX suffers from fresh EUR strength vs USD while Dow futures hover around breakeven, holding their Friday gains as they appear to give Trump another benefit of the doubt and maintain confidence in US growth.
The UK 100 is outperforming thanks to Vodafone & BT (positive momentum), HSBC (Fed hike likely in June; Asia growth), BP & Shell (Oil rally before OPEC), RIO & GLEN (Copper at rebound highs), LLOY (fully re-privatised) offsetting a drag from PRU (US doubts), MCRO and WPG (bearish reversal at highs, broker downgrade). Germany’s DAX underperforms on account of weakness for exporters Siemens, Adidas and Infineon.
The UK Index 100 holding around 7500 after breaking above 7485 to trigger a bullish pattern. The DAX 30 has reversed last week’s rebound to make a bearish test of 12600. Dow Jones Futures are back testing 20800 for support. Gold holds its uptrend, but breached 5-month support continues to hamper progress at $1258.
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The UK Index 100 holding around 7500 after breaking above 7485 to trigger a bullish bullish inverse head & shoulders pattern that could take the index as highs as 7475, to fresh record highs.
Watch levels: Bullish 7510, Bearish 7480
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 has reversed last week’s rebound to make a bearish test of 12600.
Watch levels: Bullish 12610, Bearish 12580
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 back testing 20800 for support
Watch levels: Bullish 20820; Bearish 20790
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 holds its uptrend, but breached 5-month support continues to hamper progress at $1258.
Watch levels: Bullish $1258; Bearish $1255
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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