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Global equities are back positive, Oil stemming its recent declines to help the key Energy sector and offer positive read-across to Miners also benefiting from similar rebound by Copper. A more hawkish ECB ahead of a likely Fed rate hike has also revived underlying bullishness, pointing major indices back towards their recent highs, as investors gear up for the US Jobs report, one of the last data points before the Fed pulls the trigger again next week.
The UK UK 100 is gaining thanks to Oil majors, BT (Openreach agreement), Glencore (Copper + oil) and Banks (LLOY and RBS; hawkish ECB and Fed) offsetting minimal weakness from precious metals miners (Gold and Silver weak) and WPP (Sorrell’s pay package, again?). Germany’s DAX outperforms despite EUR strength as its Banks power it higher.
The UK Index 100 has bounced off 4-month rising support for a bullish re-test of 7350. The DAX 30 has broken above 12050 to open the door for another test of March 12100 highs. Dow Jones Futures have bounced beyond 20900 to overcome their March downtrend. Gold has extended its correction to below $1200, but will it fall to $1180?
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UK 100 has bounced off 4-month rising support for a bullish re-test of 7350.
Watch levels: Bullish 7360, Bearish 7340
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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DAX 30 has broken above 12050 to open the door for another test of March 12100 highs.
Watch levels: Bullish 12075, Bearish 12040
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 have bounced beyond 20900 to overcome their March downtrend.
Watch levels: Bullish 20,950, Bearish 20,915
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
Gold has extended its correction to below $1200, but will it fall to $1180?
Watch levels: Bullish $1201, Bearish $1194
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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