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The UK Index has staged a strong rebound, retracing nearly all of yesterday’s sell-off. This is as investors eagerly await the release of PM May’s Brexit White Paper, desperate for some clarity on Brexit negotiations. All the while Donald Trump continues to play the disruptive ‘cat’ amongst the rest of NATO ‘pigeon’ allies. Sentiment improved despite continued uncertainty on whether US and China still have each other in trade cross-hairs, or if negotiators are ready to sit down again.
Contributors: UK Index +58pts, with positive contribution from the likes of HSBA/BATS (heavyweight), AZN/GSK/DGE/RB (momentum), GLEN (higher copper, bargain hunting), PRU (bounce), SKY (M&A), Energy (oil off lows), and only token resistance from SHP (profit taking) and ITV (broker downgrade, England’s coming home).
Technicals: The UK 100 has extended its bounce off shallow rising support to 80pts/1%.
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The UK 100 has extended its bounce off shallow rising support to 80pts/1%.
Watch levels: Bullish 7660, Bearish 7630
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