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The UK 100 is broadly flat, consolidating after yesterday’s rebound, with the stronger GBP and oil prices withdrawing from week’s highs providing a hindrance for the UK Index . Markets were no longer in panic mode, having digested the fallout from Italy’s cabinet crisis. With European and German inflation accelerating closer to ECB’s 2% target rate, markets were in forward-looking mode, trying to assess impact of potential future policy changes.
Contributors: UK Index is flat, perfectly balanced in a tug-of-war between laggards like NG/TW/MKS (ex-div), BP/RDSB (oil off highs), VOD (range trading) and IMB (profit taking), and leaders such as BATS/DGE (defensive), CRH (announced restructuring), GLEN/AAL (weaker USD) and RBS (rebound).
Technicals: The UK 100 is rebounding from week’s lows, but hitting twin horizontal and falling highs resistances.
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The UK 100 is rebounding from week lows, but hitting twin horizontal and falling highs resistances.
Watch levels: Bullish 7724, Bearish 7638.
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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