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Equities are on the back foot following disappointing results eBay, Unilever and Nestle and reports of Apple cutting iPhone8 orders due to low demand. At home, soft UK retail Sales and the overhang from stalled Brexit negotiations have sent GBP lower. Above all though, the Spanish standoff has legs, the Catalan president continuing to threaten a declaration of independence while the Spanish PM says Madrid is closer to triggering article 155 to suspend the region’s autonomy.
The UK UK 100 is being held underwater by Unilever (Q3 results), HSBC, BATS, BAE Systems (ex-div), WPP, GLEN & RIO (China GDP, copper lower), Reckitt Benckiser (Unilever read across). Offering a little, but not enough help, are BT (rebound, breakout), Ashtead (United Rentals read across, weaker GBP), RBS (extending rally), DGE (soft GBP).
The German DAX is sharply lower as USD weakness translates to unhelpful EUR strength for most constituents, notably hurting exporters like BMW (broker downgrade), Henkel, Thyssenkrupp, Adidas and Continental, while SAP foots the list after Q3 results.
The UK Index 100’s 1-month rising support is intact after a bearish test of 7500. The DAX 30 has breached 2-month rising support but holds above 12900. Dow Jones Futures have pulled back to intersecting support at 23000. Gold has bounced back to $1288 thanks to geopolitical concerns and a weaker USD.
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The UK Index 100’s 1-month rising support intact after a test of 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 has breached 2-month but holds above 12900.
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 pulled back to intersecting support at 23000.
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 has bounced back to $1288 thanks to geopolitical concerns and a weaker USD.
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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