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The UK Index , along with other major indices, is on the back foot into the weekend, with the usual help from positive China trade data (exports and imports stronger than expected), and an easing in European political distractions, being overshadowed by potential for a Trump vs G6 trade war confrontation at the G7 summit in Canada.
Contributors: UK 100 -50pts, pushed lower the most by Miners (stronger USD, risk-off into weekend, G7 concerns), Banks and Financials (risk-off), Energy (oil off falling highs) and BATS (higher bond yields). Providing some minimal resistance are the likes of ABF (defensive, ex-div recovery), BT (CEO change), ULVR/RB (defensives, weaker GBP), JMAT (ex-div recovery) and CPG (rebound from broker downgrade sell-off).
Technicals: The UK 100 is off its worst levels, but still trying to overcome yesterday’s downtrend towards late May’s 7590 lows. Bulls need a break above 7670. Bears require another break below 7640
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The UK 100 is off its worst levels, but still trying to overcome yesterday’s downtrend towards late May’s 7590 lows. Bulls need a break above 7670. Bears require another break below 7640
Watch levels: Bullish 7670, Bearish 7640
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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