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Global indices are mixed this morning, with European equities trading around breakeven outperforming North American peers after US President Trump’s surprise dismissal of FBI Director Comey overnight. The latest surfacing of the unpredictable side of Trump adds further to renewed investor preference for European stocks following on from Sunday’s victory for the market-friendly Macron, however subsequent weakness in the US dollar has negatively impacted the UK’s UK Index and Germany’s DAX by way of translational FX hindrance. Thankfully for bulls, stronger Crude Oil prices have helped to stem losses after API overnight reported the largest draw in US crude stocks so far in 2017.
The UK 100 is marginally positive as Oilers BP & RDSb benefit from the aforementioned Crude Oil price rally, being joined by GSK (Senate FDA head approval), ABF (Sterling strongest since Sept.), BDEV (profits at upper end of guidance) and Banks LLOY, HSBA & BARC (Sterling strength) as the top risers. Holding back the index is a mixture of strong sterling hampered exporters (DGE, RB, BATS) and US-exposed stocks CRH and WPP. The German DAX is hovering around breakeven awaiting the latest driver to take it a leg higher or lower.
The UK Index 100 needs a break above 7360 to confirm bullishness and open the door to April – possibly even all-time – highs. DAX 30 is holding above shallow rising lows support at 12720. Dow Jones Futures testing 20890 support which may signal an end to late April/early May investor bullishness. Gold off overnight 8-week lows of $1214, however has so far been unable to overcome $1225 resistance.
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The UK Index 100 needs a break above 7360 to confirm bullishness and open the door to April – possibly even all-time – highs.
Watch levels: Bullish 7365; Bearish 7330
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 is holding above shallow rising lows support at 12720.
Watch levels: Bullish 12790; Bearish 12715
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 testing 20885 support which may signal an end to late April/early May investor bullishness.
Watch levels: Bullish 20940; Bearish 20875
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 off overnight 8-week lows of $1214, however has so far been unable to overcome $1225 resistance.
Watch levels: Bullish $1228; Bearish $1220
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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