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The UK Index is positive for the day, reversing from a poor start, as investors welcome higher oil prices (helping heavyweight Energy), offsetting mixed messages on trade coming out of the White House (new restrictions on Chinese investment slide on and off the table, depending on who you ask).
Contributors: UK Index +25pts, with positive contribution from Energy (oil high), RB (defensive, bounce), ULVR (momentum), BATS/IMB/DGE/BLT (defensives, GBP off highs), Shire (Takeda CEO interview) and CPG/GSK/CCL/RR (rebound). Hindering the index’s progress are HSBA (Asia exposure), GLEN (lower copper prices) and Banks/Financials (risk off, negative momentum).
Technicals: The UK 100 has staged a strong rebound from earlier lows, however it has already encountered some resistance in the form of shallow falling highs from yesterday’s peak.
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The UK 100 has staged a strong rebound from earlier lows, however it has already encountered some resistance in the form of shallow falling highs from yesterday’s peak.
Watch levels: Bullish 7580, Bearish 7550
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