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Equities have made a strong start to the new trading week. Macron gaining a French parliamentary majority has been welcomed for Europe, as have delayed Brexit negotiations finally getting underway. Metals and Oil are gaining ground on data fuelling fresh China optimism (and USD weakness) while retail digests last week’s M&A positively.
Driving the UK’s UK Index is Oil majors (oil back at Friday highs), DGE & RB (broker updates), GLEN & RIO (Copper higher) and Banks (rate hike hopes) with minimal drag from the likes of MDC, RRS & FRES (Gold lower) and IHG (broker downgrade). Germany’s DAX benefits from broad-based strength, the most notable winners being Thyssenkrupp, Deutsche Bank, Deutsche BASF, Daimler & Munich Re.
The UK Index 100 rebound has been turned back at 7530 as alluded to in today’s morning report. The DAX 30 rally has been halted just shy of 12900. Dow Jones Futures are holding above 21440 having made fresh record highs. Gold is showing fresh potential to complete a bearish head & shoulders top reversal pattern to $1225.
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The UK Index 100 rebound has been turned back at 7530 as alluded to in today’s morning report. Uptrend still valid. Back testing 7500 but with support at 7495. Will it have another go higher?
Watch levels: Bullish 7520, Bearish 7495
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 rally has been halted just shy of 12900. Breakout to fresh highs ot retrace to rising lows support?
Watch levels: Bullish 12900, Bearish 12830
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 holding above 21440 having made fresh record highs. Can it push even higher? Friday’s rally is still intact
Watch levels: Bullish 21,470; Bearish 21,430
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 is showing fresh potential to complete a bearish head & shoulders top reversal pattern to $1225. Rallying equities are sapping demand for safe havens.
Watch levels: Bullish $1253; Bearish $1249.5
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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