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Equities have made a solid start to the new week, month, quarter and half. Financials factoring in more hawkish central bank rhetoric is helping sentiment. Add to this GBP and EUR off their highs, Oil extending its rebound and largely solid PMI Manufacturing (China, Europe) and the set-up is supportive of risk appetite following the recent market pullback.
The UK 100 is higher thanks to Banks (more hawkish central banks) and Miners (oil, metals), very similar to how the index finished last week (see what we wrote on this Friday). Offering limited drag are defensives like RB, BATS, BT, DGE, CPG and GSK as a result of increased appetite and a still strong GBP. Germany’s DAX outperforms on EUR weakness and gains for Lufthansa, Banks (Deutsche Bank, Commerzbank) and Industrials (ThyssenKrupp and HeidelbergCement).
The UK Index 100 is off its 7300 lows, making a bullish attempt to break back above 7350. The DAX 30 is flat around 12400, still in a 7-month uptrend. Dow Jones Futures, at 21420, continue to bounce towards recent highs. Gold’s downtrend sees it fast approaching 6-month support at $1234.
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The UK Index 100 is off its 7300 lows, making a bullish attempt to break back above 7350 and the breached 7-month trendline to rekindle the uptrend.
Watch levels: Bullish 7355, Bearish 7335
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 flat around 12400, still in a 7-month uptrend. RSI back from oversold. Bounce?
Watch levels: Bullish 12420, Bearish 12380
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, at 21420, continue to bounce towards recent highs. Can it challenge 21500 for another go at record highs?
Watch levels: Bullish 21,430; Bearish 21,410
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 downtrend sees it fast approaching 6-month support at $1234. Will it bounce or break lower?
Watch levels: Bullish $1237; Bearish $1234
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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