This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are mixed this morning with the UK’s UK Index gaining while German’s DAX struggles and Wall St hugs breakeven. UK Index drivers this morning include a mix of Oil, Healthcare, Miners and Defensives. Oil benefits from optimism ahead of the OPEC meeting next week, Healthcare from some positive drug news, Miners from the bounce by industrial metals, and defensives by that persistently strong USD providing a welcome translational benefit on profits earned abroad. Watch Estate Agents, Retail, Supermarkets Insurance, Housebuilders and Travel names later when the UK Chancellor delivers his Autumn budget. Germany’s DAX is failing to be helped by a weak EUR, held back by Financials and Autos.
The UK 100 has pulled back from a test of 6880. Support at 6845 needs to hold to maintain Monday’s uptrend. The DAX 30 remains sideways 10600-10800. Pause before bullish flag breakout to 11200? The Dow Jones Futures breakout from its bullish pennant continuation pattern suggests this leg higher could go as far as 19300. Gold is in a tight sideways range $1210-1215.
The UK 100 has pulled back from a test of 6880. Support at 6845 needs to hold to maintain Monday’s uptrend. The index is very Oil and USD sensitive at the moment.
Watch levels: Bullish 6885, Bearish 6830
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
The DAX 30 remains sideways 10600-10800. Pause before bullish flag breakout to 11200? Watch for moves in EUR influencing the index.
Watch levels: Bullish 10720, Bearish 10650
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
The Dow Jones Futures breakout from its bullish pennant continuation pattern suggests this leg higher could go as far as 19300. Possibly even higher. HOWEVER watch the trend of rising lows since Monday’s base? A breach of 19000 could take us back to 18900.
Watch levels: Bullish 19035, Bearish 19010
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 in a tight sideways range $1210-1215, still trying to gain recovery momentum after the recent post-Trump sell-off. New support at $1210?
Watch levels: Bullish $1216, Bearish $1209
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research