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Equities are positive into the new week, buoyed by gains in Asia inspired by M&A that gives renewed confidence in global growth. This is offsetting continued bond market weakness, amid more hawkish central bank rhetoric, and FX weakness is also serving to flatter, however, indices are off their best levels as oil revisits Friday’s lows and metals give up ground.
The UK 100 is higher thanks to strength from internationally focused defensives benefiting from a weaker GBP including HSBC, ULVR, AZN, DGE, RDS and RB. Dragging on the index is weakness from Miners (RIO, GLEN, BLT), select financials (LLOY, LGEN, RBS) and Shire. Germany’s DAX outperforms thanks to a mix of utilities, tech, industry and consumer.
The UK Index 100 is making a bullish test of July 7385 highs. The DAX 30 is back from a flirt with 12500 recent highs and 3-week falling resistance. Dow Jones Futures are hindered by falling highs resistance at 21450. Gold could be embarking on a 5% bearish double-top reversal down to $1135.
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The UK Index 100 is making a bullish test of July 7385 highs. Breakout towards 7600, or retrace to 7300 July lows. Note the bullish RSI breakout
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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The DAX 30 is back from a flirt with 12500 recent highs and 3-week falling resistance. Bearish pullback or bullish break out?
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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Dow Jones Futures are hindered by falling highs resistance at 21450. Potential for bearish flag?
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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Gold could be embarking on a 5% bearish double-top reversal down to $1135. Fed hikes make gold more expensive to hold in relative terms.
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.
Click here for help with Support & Resistance Click here for help with technicals
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