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Global equities are positive into the back end of the week, with some welcome certainty from the Trump administration after the hiring of Larry Kudlow as new top economic strategist, helping the USD higher to the benefit of both the UK’s UK Index and Germany’s DAX. Despite the IEA warning a global trade war would damage oil demand, an uptick in demand at the end of 2017 has helped lift oil prices higher, while fears of a full blown US-China trade battle ebb away. For now.
The UK 100 is up a touch thanks to HSBC (small bounce, heavyweight), PRU (yesterday’s de-merger news), RIO (tech rebound), SHP/AZN (read-across from HIK rally), TSCO (JPMorgan upgrade), GLEN (extending bounce) and BP (oil off lows, share bounce from lows). Hampering progress are ULVR (HQ move, heavyweight), RB (PZ Cussons profits-warning), IMB (downtrend, testing late 2014 lows), BATS (heavyweight, sector weakness) and RBS (lower bond yields).
The UK Index 100 has pulled back from resistance at 7160. The DAX 30 is in a narrow 100pt channel. Dow Jones Futures are up off a test of 24700 Feb rising support. Gold has edged back towards yesterday’s $1321 lows.
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The UK Index 100 has pulled back from resistance at 7160.
Watch levels: Bullish 7,160, Bearish 7,110
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 in a narrow 100pt channel
Watch levels: Bullish 12,280; Bearish 12,200
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 up off a test of 24700 Feb rising support, but still in a week-long downtrend,
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 edged back towards yesterday’s $1321 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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