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The UK 100 is positive, holding around the highs of the day, albeit almost exactly where it started the uneventful trading session. Traders continue to chew the fat over the changing of the guard at DExEU, although there is more impetus from heavyweight Miners thanks to a weaker USD, a China equity rebound and the weekend digestion of the first move in the US-China trade conflict.
Contributors: UK Index +30pts, helped higher most notably by RDSB (heavyweight, bounce, oil off lows), BATS (defensive), Miners (copper off lows, China equity bounce), AZN (rebound), LLOY (risk appetite, momentum) and IAG (breakout after rebound). Holding the index back most drastically (by 2pts a piece) are BP (Reuters says front-runner to buy BHP Billiton’s US onshore Oil assets) and VOD (profit taking after bounce).
Technicals: The UK 100 is stuck at 7650, just shy of the highs of the day, in a 1-week rising channel but held back by May falling highs resistance.
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The UK 100 is stuck at 7650, just shy of the highs of the day, in a 1-week rising channel but held back by May falling highs resistance.
Watch levels: Bullish 7660, Bearish 7620
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