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Equity indices have found their mojo again, welcoming a summer extension for Greece’s credit card and progress towards the touchy subject of bail-out debt relief. Investors are digesting Weds’ mixed Fed update (another hike despite poor data) as well as yesterday’s surprisingly hawkish BoE. This as the UK prepares to begin Brexit negotiations on Monday (technically without a government ), discussions with the DUP closing in on Wednesday’s Queen’s speech deadline.
The UK’s UK Index (helped by options expiry this morning?) sees gains across the board, boosted by heavyweight Oil majors, Defensives (BATS, DGE, ULVR), Miners (copper support) and Banks/Financials (hawkish Fed/BoE), easily overpowering minimal drag from BT (breakdown, >4yr lows), AAL (new SA mining regs), TSCO (Q1 trading statement). Germany’s DAX also sees general strength, especially from Commerzbank, HeidelbergCement, BMW, Henkel and Fresenius.
The UK Index 100 has extended its rebound to retest 7490 as we suggested it might in today’s morning report. The DAX 30 has bounced back for another bullish test of 12750. Dow Jones Futures are edging back from 21400 record highs posted overnight. Gold could be in the process of bullish double-bottom reversal to $1260.
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The UK Index 100 has extended its rebound to retest 7490 as we suggested it might in today’s morning report.
Watch levels: Bullish 7445, Bearish 7500
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 bounced back for another bullish test of 12750.
Watch levels: Bullish 12760, 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.
Click here for help with Support & Resistance Click here for help with technicals
Dow Jones Futures are edging back from 21400 record highs posted overnight. Rising channel still valid?
Watch levels: Bullish 21,400; Bearish 21,380
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 could be in the process of bullish double-bottom reversal to $1260 as the Dollar’s own rebound finds a hurdle in last Friday’s highs.
Watch levels: Bullish $1257; Bearish $1255.6
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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