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Global equities are higher, set for a positive close to the week, in recovery mode from another late sell-off last Friday. There is still much debate about whether another bout of volatility is required to properly clear out vested interest from such a period of protracted complacency, and whether equities are still overvalued even after a 10% correction. However, this week’s more gradual rebound is perhaps more trustworthy than last week’s dead-cat like effort, one which ended up reversing course almost as quickly. Politics and monetary policy outlook still both very much in play while we continue to digest more corporate updates.
The UK 100 is higher thanks to standout contributions from HSBC (Ping An ups stake, higher bond yields), RDSB/BP ( higher oil), VOD (bounce off support), WPP (breakout), DGE/RB/ULVR (weaker GBP) and SGRO (results) easily overpowering the drag – albeit minimal – from CCL, CPG and RR.
The UK Index 100 is nearing the 7300 apex of a bearish rising wedge . The DAX 30 has broken out from its downtrend to trade sideways 12300-12500. Dow Jones Futures are in a new rising channel above 25200. Gold is nearing potential resistance from $1366 Jan highs.
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The UK Index 100 is nearing the 7300 apex of a bearish rising wedge which could lead to a breakdown and retrace.
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 has broken out from its downtrend to trade sideways 12300-12500
Watch levels: Bullish 12,485; Bearish 12,360
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 are in a new rising channel above 25200
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 is nearing potential resistance from $1366 Jan highs
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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