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The UK 100 is in recovery mode, clawing back some of yesterday’s losses on the combined support of slightly stronger USD (flattering global UK Index names) and oil prices retreating from week’s lows (always a boon to Energy shares). Signs of progress on NK-US summit added optimism, but continuing Italian cabinet crisis (with spill-over effect on European financial system) and reignited US-China trade tensions limited the upside potential.
Contributors: UK Index +15pts, supported by BP/RDSB (oil off lows, heavyweights) and GSK/AZN/VOD (rebound), with bearish pressure from HSBA (Asia exposure), GLEN (stronger USD, regulatory pressure in Congo), DGE (profit taking) and RBS (CFO leaving)
Technicals: The UK 100 still trades within a week-long falling channel, but edging closer to its upper half
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The UK 100 still trades within a week-long falling channel, but edging closer to its upper half
Watch levels: Bullish 7681, Bearish 7612.
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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