This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are decidedly mixed, the UK Index penalised by a combination of GBP strength (‘speculation’ the UK and EU have reached a Brexit settlement figure that would solve at least part of the negotiation deadlock) and lower oil prices before tomorrow’s OPEC shindig. Conversely, the German DAX is up sharply thanks to continued declines for the EUR in response to a USD rally on increased hopes of US tax reform, something that has ushered US equity futures to fresh record highs.
The UK UK Index is held under water by lower oil prices before tomorrow’s OPEC meeting (RDSB/BP), the stronger GBP hurting internationally exposed defensives (BATS, IMB, GSK, ULVR, RB, DGE, HSBC) and a stronger USD hurting metals (RIO/BLT/ GLEN). Offering insufficient buoyancy is Brexit agreement inspired gains for Banks and Housebuilders, the sectors most hurt in the wake of the referendum. Germany’s DAX outperforms once again, the weaker EUR helping with strength across the board but most notably from Autos, Financials and Industrials.
The UK Index 100 has found support at 7413. The DAX 30 has found resistance at 13200. Dow Jones Futures are trading fresh record highs. Gold continues to have difficulty cracking resistance at $1295, the strong USD proving a hindrance.
Click below to expand sections for more detailed analysis
The UK Index 100 has found support at 7413.
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 resistance at 13200.
Watch levels: Bullish 13,200, Bearish 13,150
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 are are trading fresh record highs
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 continues to have difficulty cracking resistance at $1295 (long upper tails), the strong USD proving a hindrance.
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