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Global equities are positive, albeit just, as we head towards another US rate hike and potential for further populist, anti-immigration backlash, this time from the Netherlands. A bounce by oil has helped revive cautious optimism although an IEA report hot on the heels of OPEC yesterday adds to doubts about the effectiveness of OPEC cuts versus rising US production.
The UK’s UK 100 is led (points contribution) by BP and Shell thanks to oil’s bounce, with positive read across for the Miners, while Hikma and Prudential benefit from results today and yesterday, respectively. This counters weakness from HSBC, Healthcare (GSK, SHP), defensives (risk appetite, GBP rebound) and Utilities (US rate hike).
Germany’s DAX is flat as gains for Commerzbank (US rate hike), Lufthansa (prelim pay deal with pilots) and Adidas (seeks to boost US sales) offset losses for E.ON (record loss), VW (Audi HQ search) and Munich Re (expects lower 2017 profits).
The UK Index 100 at 7370 is flat since Friday, but holding its uptrend and just shy of record highs. The DAX 30 is also sideways, around 12000, awaiting a driver for a break. Dow Jones Futures have found resistance just shy of 20900. Gold is holding just above $1200, likely awaiting the USD’s next move.
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The UK Index 100 at 7370 is flat since Friday, but holding its uptrend and just shy of record highs.
Watch levels: Bullish 7375, Bearish 7365
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 sideways, around 12000, awaiting a driver for a break.
Watch levels: Bullish 12020, Bearish 11980
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 found resistance just shy of 20900, taking the wind out of yesterday’s bounce from 20800. RSI rebound from oversold.
Watch levels: Bullish 20,900, Bearish 20,840
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 is holding just above $1200, likely waiting the USD’s next move.
Watch levels: Bullish $1211, Bearish $1195
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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