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Equities are positive, with the German DAX and US Dow Jones outperforming the UK UK 100 . Stateside sentiment remains bullish thanks to more Wall St record highs and earnings beating expectations. A strong USD, and the prospect of ECB QE lasting longer, has pushed the EUR lower to the glee of German exporters. The UK Index is flat as GBP recovers from its lows following solid inflationary wages data that is supportive of a Bank of England rate hike.
A flat UK UK 100 sees HSBC (defensive), RDSb (API drawdown), ULVR (preferred after RB profit warning), PRU (defensive), DGE/GSK/ABF (weaker GBP) in a tug of war with RIO (fraud allegations), RB (profits warning), BP (GBP off lows) and SHP (US shares -2% in US last night).
The German DAX outperforms with strength across the board, most notably from ProSiebenSat.1, Vonovia (ECB loose policy), Fresenius Medical, Beiersdorf and SAP, overpowering minimal drag from HeidelbergCement and Deutsche Boerse (broker downgrades for both).
The UK Index 100 remains around the 7545 upper bounds of its narrowing pattern. The DAX 30 has broken out to fresh highs above 13040. Dow Jones Futures trade fresh record highs 23065. Gold continues its bearish H&S top reversal back towards $1275.
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The UK Index 100 remains around the 7545 upper bounds of its narrowing pattern. Long lower tails of late are bullish. RSI suggests index close to a break higher or lower
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 to fresh highs >13040. Rising channel extended.
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 trade fresh record highs 23065. Uptrend accelerated. Resistance turned support. RSI in upper half remains bullish
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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Gold continues its bearish H&S top reversal back towards $1275.
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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