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Equities are extending their rebound as investors breath a collective sigh of relief that a global trade war looks to be off the menu (China and US negotiating, several exemptions). This has seen USD rebound from lows, undoing some of the recently harmful GBP and EUR strength, helping both the UK Index and DAX to rally. The UK Index outperforms with gains of 2% while Wall St futures call for a positive open which would extend the gains onto which Europe has latched.
With almost all UK 100 components higher, the principal drivers of today’s outperformance (in terms of points contribution) are RDSB/BP (high oil price, weaker GBP), GSK (M&A), Miners (copper bounce, trade war relief), HSBC (trade war relief), AZN (GSK read-across, weaker GBP) and ULVR/BATS (weaker GBP), all adding at least 4pts a piece.
The UK Index 100 has broken back above 7000. The DAX 30 is still trying to overcome 12000. Dow Jones Futures may have topped out at 24400. Gold has pulled back to rising support at $1348.
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The UK Index 100 has broken back above 7000. Can it go on to challenge falling highs from late January?
Watch levels: Bullish 7034, Bearish 6985
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 still trying to overcome 12000, proving a hurdle.
Watch levels: Bullish 12,045; Bearish 11,985
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 may have topped out at 24400.
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 pulled back to rising support at $1348?
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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