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Bullishness may have waned, adding to yesterday’s reversal, but equities are well off their worst levels, back closer to break-even for the day. A strong GBP continues to hamper the UK Index , but the currency is back from its highs following underwhelming UK wages growth, sure to compound Carney’s & Co’s policy conundrum of rising inflation and strong jobs versus slower wage growth. Oil has also helped with a UK Index bounce on higher IEA demand forecasts and Venezuela saying output pact extensions are possible.
The German DAX is flat with strong gains for Siemens, Merck and Autos (VW, BMW) offset by losses for Linde, Henkel, Deutsche Telekom and Munich Re (hurricane relief bounce over?).
The UK UK 100 is held back by Miners (weak base metals), GSK & DGE (strong GBP, broker downgrade), AZN, SHP (profit taking from recent rally), HSBC & PRU (profit taking after relief bounce) and TSCO (broker downgrade). Helping the index off lows are RDSb & BP (higher oil price) and Barclays (bounce off channel floor, hopes of hawkish BoE tomorrow).
The UK Index 100 has bounced back for a bullish re-test of this morning’s 7390 breakdown. The DAX 30 retains its uptrend after yesterday’s break above 12500. After yesterday’s breakout, Dow Jones Futures look to have plateaued around 22100. Gold has found fresh support at $1330, extending its bounce off Aug rising lows.
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The UK Index 100 has bounced back for a bullish re-test of this morning’s 7390 breakdown.
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 retains its uptrend after yesterday’s break above 12500
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 look to have plateaued around 22100
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 found fresh support at $1330, extending its bounce off Aug rising lows.
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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