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Equity indices are positive, to differing degrees. The UK’s UK Index underperforms on account of GBP reacting positively to hotter than expected UK inflation at 4.5yr highs, putting stocks with international exposure (and the BoE) under pressure. Germany’s DAX outperforms as a result of EUR pulling back from recent highs and a welcome rebound for Tech.
The UK’s UK 100 is higher thanks to Financials (strong UK inflation), LSE (bullish outlook, broker target increases), WPP (UBS bullish), IAG (European airlines positive) and US exposure (CRH, AHT). Holding things back is a mix of Oil majors (oil off highs), RIO (copper pullback) and several defensives. Germany’s DAX is welcoming strength among airlines, Tech, Industry and Financials ahead of tomorrow’s likely Fed rate hike.
The UK Index 100 has pulled back towards rising support at 7505. The DAX 30 rebound from rising support has reached 12750. Dow Jones Futures have pulled back towards their 21240 overnight breakout. Gold is nearing the apex of a bullish falling wedge at $1261.
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The UK Index 100 has pulled back towards rising support at 7505. Uptrend still valid.
Watch levels: Bullish 7530, Bearish 7500
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 rebound from rising support has reached 12750. Still in narrowing trend with rising lows and falling highs.
Watch levels: Bullish 12780, Bearish 12740
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 pulled back towards their 21240 overnight breakout. June uptrend still valid.
Watch levels: Bullish 21,250; Bearish 21,235
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 is nearing the apex of a bullish falling wedge at $1261. Break higher? Bullish convergence with RSI, although it remains in lower half
Watch levels: Bullish $1272; Bearish $1265
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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