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The UK 100 is on the rise, having found its bearings this week’s sell-off and transitioning to a rising channel with all-time high levels (7903) once again within sight. With Italian coalition confirming its cabinet selections and averting fears of a fresh Italian election, markets were once again breathing easier. Potential for geopolitical instability still exists due to change of power in Spain, though the incoming Socialist government is considered friendly to EU institutions (unlike Italian coalition), which has markets reassured.
Contributors: UK Index +52 pts, gaining support from the likes of HSBA (rebound, heavyweight), Miners (Chinese manufacturing data, weaker USD), RDSB/BP (oil off lows), BARC/RBS (rebound), PRU/RB (defensives) and JMAT (earnings estimate from UBS). Providing some minimal downward pressure were the likes of BATS/DGE/SHP (profit taking).
Technicals: The UK 100 is in a 4-day uptrend once again moving to all-time high resistance levels
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The UK 100 is in a 4-day uptrend once again moving to all-time high resistance levels
Watch levels: Bullish 7766, Bearish 7675.
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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