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Equity remain mixed into the week-end, the UK’s UK Index once again the lone gainer. This comes by way of a narrowing in the UK election race pushing GBP lower for a welcome translational boost. This helps offset an OPEC-inspired oil price sell-off, odd lessons in diplomacy from Trump, as well as Europe-wide banking sector weakness on political concerns that sees the German DAX underperform.
The UK 100 is buoyed by Pharma (broker upgrade on GSK; weaker GBP), BATS & ULVR (weaker GBP), WPP (Blackrock using big data for ad targeting) as well as RIO (oil) and BT. Holding it back are mainly the Banks (UK election polls), RDSb (oil price drop), SHP and ABF. Germany’s DAX is struggling from fresh EUR strength and losses for both Deutsche Bank and Commerzbank on political woes while carmakers Daimler, VW and BMW smart from Trump threats about US sales.
The UK Index 100 has broken above falling highs at 7520 to re-test 7530. The DAX 30 is testing 12550 for support again. Dow Jones Futures have paused 21050-21100 amid a strong uptrend. Gold is making a bullish test of recent resistance. Breakout?
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The UK Index 100 has broken above falling highs at 7520 to re-test 7530. Still potential to complete bullish inverse H&S reversal to 7570.
Watch levels: Bullish 7540, Bearish 7520
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 testing 12550 for support again. Bounce? Beware any breakdown confirming a bearish flag and another 100pts downside.
Watch levels: Bullish 12585, Bearish 12540
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 paused 21050-21100 amid a strong uptrend. Another bullish flag waiting in the wings? Back to record highs.
Watch levels: Bullish 21,075; Bearish 21,045
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 is making a bullish test of recent resistance. Breakout?
Watch levels: Bullish $1268; Bearish $1265
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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