This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are mixed into the week-end, the UK Index benefiting from a GBP pullback, while the DOW and DAX trade off their best levels on account of EUR strength and hurdles remaining before US tax reform. Whilst the UK Index makes a bullish test of yesterday’s highs, the DAX and DOW hold breakouts that could yet become bullish flags higher.
The UK Index is up as gains from BATS & CRH (weaker GBP), RDSB & BP (support, oil bounce), SKY (M&A), PRU (results yesterday) and VOD outdo the losses from HSBC, SHP (giving up yesterday’s bid spec gains), AZN, RIO and UU (Broker downgrade). Germany’s DAX sees advances for Deutsche Boerse (new chief), HeidelbergCement and Munich Re (broker upgrade) make up for declines for Fresenius SE (broker downgrade), RWE and E.ON (Norwegian fossil divest).
The UK Index 100 is making another bullish test of 7400. The DAX 30 has found support above 13000, potentially in a bullish flag. Dow Jones Futures is consolidating before a potential bullish flag. Gold remains range-bound $1275-1290.
Click below to expand sections for more detailed analysis
The UK Index 100 is making another bullish test of 7400? Break-out or fake-out?
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
The DAX 30 has found support above 13000 in a potential bullish flag towards 13500.
Watch levels: Bullish 13,085, Bearish 13,050
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 is consolidating before a potential bullish flag.
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 remains range-bound $1275-1290.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research