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The UK 100 is gaining ground today, (even after ex-dividends) bouncing off 7-week rising support, keeping the uptrend alive. Drivers include rising oil flirting with $80/barrel, in spite of stronger USD, and corresponding GBP weakness. Geopolitical jitters (US-China trade talks, Italian coalition negotiations, NK summit) are failing to faze investors who have grown a thicker skin in light of the events of last few years.
Contributors: UK Index +15pts; aided mainly by Energy (high oil prices), EXPN/NG (results) and AZN/GSK (sector momentum, AZN results tomorrow). Holding it back are HSBC (ex-div), Miners (profit taking), VOD (negative momentum on CEO change) and RMG (FY results, guidance).
Technicals: The UK 100 maintains its recent uptrend. Rising support at 7715 (8-day rising lows) and 7705 (7-week rising lows); Resistance at 7760 (yesterday’s highs), 7780 (8-day rising highs) and then 7800 (Jan highs).
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The UK 100 maintains its recent uptrend. Rising support at 7715 (9-day rising lows) and 7705 (7-week rising lows); Resistance at 7770 (8-day rising highs) and then 7800 (Jan highs).
Watch levels: Bullish 7755 (overnight highs), Bearish 7715 (8-day rising channel floor)
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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