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The UK Index is on the rise, making up for some of the Thursday losses, as oil prices rebound from this week’s lows, with traders waiting for more concrete news from the OPEC meeting in Vienna. Additional GBP strength, after the hawkish BoE update yesterday, is thankfully providing limited hindrance, thanks to corresponding USD weakness providing support to Energy and Miners via higher commodity prices (oil, metals).
Contributors: UK Index +65pts, with major contribution from HSBA (heavyweight), Energy (oil higher, weaker USD), Miners (weaker USD), Banks/Financials (risk appetite, rebound), BATS/ULVR/RB (defensives), VOD (rebound), TSCO (extending breakout). Offering minimal resistance are AZN/GSK (profit taking) and SHP (Takeda shares down).
Technicals: The UK 100 is bouncing from week’s lows, retracing Thursday’s fall toward week-long falling highs resistance.
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The UK 100 is bouncing from week’s lows, retracing Thursday’s fall toward week-long falling highs resistance.
Watch levels: Bullish 7645, Bearish 7602
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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Prepared by Michael van Dulken, Head of Research