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Global equity markets are broadly positive to start the new week, welcoming a favourable Japanese election result as US equities continue to ride the bullish wave of a senate budget approval for tax reforms, whilst looking past political tensions in Catalonia. With that said, however, the Euro remains under pressure, although the attractive translational impact in FX space is helping Germany’s DAX to outperform peers.
The UK 100 trades higher thanks to strong performances for Tobacco (Stronger USD), CRH (Ash Grove approval of takeover), BT & NG. (RBC positive note on pension scheme), PRU, SHP and GKN (Sunday Times reporting potential breakup of divisions), offsetting losses for Banks (weak business confidence data/Catalan concerns for Euro area), BP (Crude Oil retreating from this morning’s highs) and RIO (broker downgrade).
The German DAX is up thanks to heavyweight exporters (Siemens, Thyssenkrupp, Heidelberg Cement, Daimler and Volkswagen) benefiting from EUR weakness, strength which is more than offsetting losses for Prosibensat.1 and Banks (Catalan impact on European financials).
The UK Index 100 is testing the ceiling of a short-term 7515-7535 channel. The DAX 30 is falling from the ceiling of an emerging narrowing pattern. Dow Jones Futures are rallying from rising lows support, pointing towards another record session. Gold is narrowing between $1274.5-1276.5 as a stronger USD and waning safe-haven seeking hurt demand.
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The UK Index 100 is testing the ceiling of a short-term 7515-7535 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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The DAX 30 is retreating from intersecting resistance at 12,070. Potential bullish ascending triangle?
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 are rallying from rising lows support, pointing towards another record session.
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 narrowing between $1274.5-1276.5 as a stronger USD and waning safe-haven seeking hurt demand.
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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