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Equity markets across the globe are positive as improved risk appetite continues into the weekend, although the pace of gains has slowed as drivers (data/corporate) are light on the ground. Investors are continuing to digest the multiple central bank monetary policy updates this week, including surprising hawkishness from the BoE. The US dollar finding a floor this morning has helped the outperforming UK Index ‘s international names to regain some poise after the greenback’s Fed-inspired sell-off, while commodities continue to rise on account of the greenback’s extended foray close to one month lows.
The UK 100 can thank Oilers (RDSb, BP) for its outperformance, with the heavily weighted sector being joined by RBS (broker upgrade; in talks to settle Goodwin case), Barclays and Prudential (broker upgrades), Housebuilders (Berkeley Group results sector read across) and a range of internationally focused Defensives (DGE, RB, BATS, BT). At the other end of the spectrum, HSBC is the notable laggard. On Germany’s DAX, Commerzbank is providing most gains (EUR weakness) while Volkswagen again is at the bottom of the pile as its emission-based legal woes continue.
The UK Index 100 has pulled back after a brief flirt with yesterday’s 7445 highs, however remains firmly above 7425. The DAX 30 has to overcome 12100 for a return to last week’s almost 2-year highs. Dow Jones Futures are holding above rising lows support at 20900. 21000 is the next target for a return to all time highs. Gold is struggling to overcome $1231 as it looks to continue its Fed-inspired rally to fresh March highs.
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The UK Index 100 has pulled back after a brief flirt with yesterday’s 7445 highs, however remains firmly above 7425. Potential Bullish Pennant pattern to all-time highs?
Watch levels: Bullish 7435, Bearish 7420
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 to overcome 12100 for a return to last week’s almost 2-year highs.
Watch levels: Bullish 12120, Bearish 12080
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 holding above rising lows support at 20900. 21000 is the next target for a return to all time highs.
Watch levels: Bullish 21,005, Bearish 20,890
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 struggling to overcome $1231 as it looks to continue its Fed-inspired rally to fresh March highs.
Watch levels: Bullish $1233, Bearish $1227
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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