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Equities are mixed as investor resilience gives way to fresh preference for safe havens like Gold following aggressive rhetoric from both sides of a US-NK standoff that thankfully remains merely a war of words. Commodities like metals and oil, however, are faring fine thanks to fresh USD weakness, Texan refinery resumption and positive OPEC chat.
The UK UK 100 underperforms as the boost from a weaker USD on commodities is outweighed by the hindrance of opposing GBP strength (GBP/USD back above 1.30 8 Aug highs) for internationally exposed names. The DAX is higher thanks to EUR/USD only edging up and staying away from challenging 29 Aug multi-year highs.
Leading the UK UK Index lower are the likes of HSBC (Asian exposure), BP ($ divs worth less in GBP), Financials (echoing US declines), Pharma (continued reversal) and Telecoms. Offering limited help today are Micro Focus (HPE results), BATS (defensive) and GLEN (copper rally). Germany’s DAX is positive as continued gains for Autos (Merkel comments on diesel yday) counter general weakness.
The UK Index 100 is in the midst of a bearish flag back towards 7300. The DAX 30 has bounced from 12050. Dow Jones Futures have extended yesterday’s bounce from 21700 June rising support. Gold is hovering just shy of $1340, holding its late August uptrend.
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The UK Index 100 is in the midst of a bearish flag back towards 7300
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 from 12050. Potential to revisit recent highs which correspond with the ceiling of its summer falling channel.
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 extended yesterday’s bounce from 21700 June rising support.
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 is hovering just shy of $1340, holding its late August uptrend.
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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