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The UK 100 is holding above rising support, but still offside for the day. Trade war concerns (aggressive? global?) remain understandably front and centre, given the potential impact on many UK Index names. What we may (or may not get) in terms of a Brexit plan from this weekend’s meeting between the PM and her Cabinet, is also hampering trader sentiment, along with GBP strength and it a quieter mid-week session on account of the US 4th July holiday.
Contributors: UK Index -17pts, kept lower by HSBC (trade concerns, heavyweight), RIO/BHP (trade concerns, China concerns, USD off lows, metals weak), CPG (CFO stepping down), DGE/BP/RDSB (GBP strength). Buoying the index are BATS/BT/VOD (defensive, momentum), AAL (M&A speculation) and LLOY (rising support; less worry about more PPI).
Technicals: The UK 100 is holding above rising support at 7560.
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The UK 100 is holding above rising support at 7560.
Watch levels: Bullish 7595, Bearish 7560
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