This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Global equities are on the back foot into the weekend as investors eschew risk following a 24hr delay by US lawmakers to vote on a repeal of Obamacare due to lack of Republican support. Considered a key hurdle before moving forward with other bullish stimulus pledges (tax cuts, deregulation, infrastructure spending) the outcome could represent a turning point within the Trump rally, either reigniting it or possibly snuffing it out.
The UK UK Index is just offside, weakness in Oil (RDSb, BP) and Healthcare (AZN, GSK) outweighing gains in Tobacco (BATS) and Utilities (NG), although select riskier names (HSBC, RIO, BARC) are also faring well. Germany’s DAX is underperforming as losses for Financials (Allianz, Munich Re, Commerzbank; fears of no US deregulation) and VW (first debt issue since scandal) offset gains for Merck (cancer drug approval) and Utilities (RWE, E.ON).
The UK Index 100 remains with a 3-day shallow rising channel. The DAX 30 rebound has been checked at 12050. Dow Jones Futures are holding their uptrend from 20600. Gold continues to struggle with $1250 resistance from 9-month falling highs and the 200-day moving average.
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The UK Index 100 remains in a 3-day shallow rising channel that could yet prove a bearish flag back to 7200. Beware any fake-down at 7300 before a rebound and revival of the longer term uptrend.
Watch levels: Bullish 7355, Bearish 7325
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 rebound has been checked at 12050.
Watch levels: Bullish 12040, Bearish 12000
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 holding their uptrend from 20600. But which way will they break?
Watch levels: Bullish 20,700, Bearish 20,655
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 continues to struggle with $1250 resistance from 9-month falling highs and the 200-day moving average.
Watch levels: Bullish $1250, Bearish $1240
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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