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European equities are positive across the board this morning, although the UK’s blue chip index is underperforming relative to its counterparts on the continent despite a resurgent US dollar, while US bourses reopen for trading this afternoon following a long weekend.
The UK Index is marginally higher, however would be trading further into positive territory were it not for the loss-reporting HSBC. Having announced a 62% fall in profits, the Asian lender is holding the index back by 20pts, without which the UK Index would be at fresh February highs. This can be attributed to strength from the heavyweight Oilers thanks to a crude oil breakout (both US and Brent crude overcoming 2017 falling highs resistance) and a strengthening USD buoying bullish sentiment for the index’s majority foreign earning companies. Also of note, the DAX is fast approaching its highest level since April 2015 as a significant weakening of the Euro against both Sterling and the US dollar boosts the index’s exporters.
The UK 100 is in the midst of a bounce from 7265 2-week rising lows support having broken down from its February uptrend. The DAX 30 is around 10 points away from reaching a fresh 22-month high of 11890. Dow Jones Futures are pointing towards an open at intra-day all-time highs after bouncing from 20620 rising lows support, having fallen back from yesterday’s mornings highs of 20690. Gold has broken down from 2-week rising lows support of $1234 as the stronger USD hampers demand.
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The UK 100 is in the midst of a bounce from 7265 2-week rising lows support having broken down from its February uptrend. Note, however, RSI negative divergence = bearish
Watch levels: Bullish 7300, Bearish 7265
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 is around 10 points away from reaching a fresh 22-month high of 11890.
Watch levels: Bullish 11895, Bearish 11850
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 pointing towards an open at intra-day all-time highs after bouncing from 20620 rising lows support, having fallen back from yesterday’s mornings highs of 20690.
Watch levels: Bullish 20,670, Bearish 20,620
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 has broken down from 2-week rising lows support of $1234 as the stronger USD hampers safe haven demand.
Watch levels: Bullish $1235, Bearish $1228
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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