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Equities are making a positive start to the new trading week, albeit without any US influence on account of President’s Day. The data slate is also very light although politics remain spicy as the Brexit Bill is debated by UK Lords and the Dutch, French and German election campaigns/polls keep investors on their toes.
Kraft-Heinz’s withdrawal of its bid for Unilever is holding the UK index back by 12pts but the stock has given up only half Friday’s 13% merger inspired gains. Peer defensives (ex-telcos) are suffering from evaporation of Friday’s Unilever M&A excitement. Banks (ex-STAN) are leading the way into earnings season thanks to RBS finding an alternative way to satisfy EU state-aid rules and some broker upgrades in the sector. Telecoms are higher thanks to M&A talk from Japan/US, which along with the Banks are helping Germany’s DAX outperform.
The UK 100 is testing 7300 for support, back from Friday’s highs but still in a Feb uptrend. The DAX 30 continues to struggle with 11850 resistance. Dow Jones Futures have fallen to 20650 having come off the boil from yet another record high. Gold has found support at $1233 to bounce back towards $1245 to keep alive two bullish flags towards $1280.
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The UK 100 is testing 7300 for support, back from Friday’s highs but still in a Feb uptrend with support at 7280. RSI holding above 50 = bullish
Watch levels: Bullish 7310, Bearish 7290
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 continues to struggle with 11850 resistance, as yet unable to challenge January’s 18-month highs
Watch levels: Bullish 11845, Bearish 11810
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 have fallen to 20650 having come off the boil from yet another record high. Note US bourses on holiday today, so futures trading may be calmer than usual.
Watch levels: Bullish 20,670, Bearish 20,540
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’s has found support at $1233 to bounce back towards $1245 to keep alive two bullish flags towards $1280.
Watch levels: Bullish $1238, Bearish $1232
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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