This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
The UK 100 is higher, back trading normally after a technical hiccup on the LSE delayed opening auction by one hour this morning. Continued strength in the US tech sector and higher bond yields are keeping investors interested in riskier assets, along with a tick up in oil prices (Venezuela/Iran) and weaker USD are helping the heavily-weighted UK Index resource stocks (energy, metals and mining)
Contributors: UK 100 +20pts, driven by gains for Energy (higher oil), Banks/Financials (risk appetite), GSK (bounce off support), while VOD/SBRY (ex-div), CPG (broker downgrade), RIO/BRBY (profit taking), DGE/RB (stronger GBP) and BT (Amazon securing Premier League rights) are pushing on the downside.
Technicals: The UK 100 is off its 7671 lows, but until it can break above 7770, it remains in a sideways channel. Bulls need a break above 7750. Bears require another break below 7700
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The UK 100 is off its 7671 lows, but until it can break above 7770, it remains in a sideways channel. Bulls need a break above 7770. Bears require another break below 7708
Watch levels: Bullish 7770, Bearish 7708
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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