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The UK 100 is higher, helped by another, albeit more manageable, spell of positive news from some big index heavyweights. With no additional news of trade wars or tensions yet to surface today, investors are looking to end the week on the high note. Stronger USD and higher Brent crude are adding extra notes of positivity to market sentiment, extending the risk appetite to recently more docile Banks & Financials.
Contributors: UK Index +50pts, propped up by the uncharacteristically strong RB (results beat expectations), BLT (shale asset sale to BP), HSBA/BARC/RBS/STAN (momentum, risk appetite), RDSB (preference over BP, higher oil price), VOD/BT/GSK (rebound, momentum), GSK (rebound), RIO (BLT read-across) and PSON (breakout, results). Resisting the upside are BATS/AZN/REL (profit taking).
Technicals: The UK 100 has made a bullish break above 7685 to test 7700, extending a 9-day rising channel towards June 7791 highs.
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The UK 100 has made a bullish break above 7685 to test 7700, extending a 9-day rising channel towards June 7791 highs.
Watch levels: Bullish 7715, Bearish 7685
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