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Equity markets are starting the week on a positive note despite a significant lack of drivers, picking up where US indices left off on Friday. With a serious dearth of both macro data and significant speakers on either sides of the Atlantic, investors have been left with scraps to provide early direction. As a result, trading ranges are limited on UK indices and US futures, while the export-heavy DAX outperforms thanks to USD weakness.
Despite having fallen from its highs, copper price remains close to the 20-month high reached overnight, much to the benefit of the heavily weighted UK 100 mining sector (GLEN, RIO, BLT, AAL), while USD weakness sees HSBC, Tobacco stocks and the Oil majors at the back of the pack, the latter underperforming even after OPEC’s latest monthly report showing a 90% compliance rate.
The UK 100 is holding above 7260 intersecting support having fallen back from 7280 overnight highs. Is a break down or bounce on the cards? The DAX 30 is rallying towards 2017 rising highs resistances. Could a challenge of 2017 highs be in the offing? Dow Jones Futures are pointing towards a record open on Wall Street, despite falling back from 20,330 overnight highs. Gold has so far been unable to overcome falling highs resistance from the end of last week. Could fresh USD weakness see a breakout?
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The UK 100 is holding above 7260 intersecting support having fallen back from 7280 overnight highs. Is a break down or bounce on the cards?
Watch levels: Bullish 7285, Bearish 7250
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 rallying towards 2017 rising highs resistances. Could a challenge of 2017 highs be in the offing?
Watch levels: Bullish 11800, Bearish 11650
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
Dow Jones Futures are pointing towards a record open on Wall Street, despite falling back from 20,330 overnight highs.
Watch levels: Bullish 20,330, Bearish 20,250
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 so far been unable to overcome falling highs resistance from the end of last week. Could fresh USD weakness see a breakout?
Watch levels: Bullish $1232, Bearish $1225
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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