This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Global equities are mixed as the UK head towards the momentous step of starting the Brexit process this afternoon. We are also preparing for another raft of Fed speakers to keep us on our toes in terms of central bank policy outlook on the other side of the pond, especially after Trump’s recent policy progress stumble.
Initial risk appetite towards the UK UK 100 has waned as the GBP rebounds (doing its now usual “sell the Brexit rumour, buy the Brexit fact”) and commodities like Oil and Copper come off their best levels. LSE (merger refusal), BATS (weaker GBP), BP (oil price rebound) and BLT (higher copper price) are leading while RDSb, GLEN and several defensives drag.
Germany’s DAX is posting gains thanks to EUR/USD taking another leg lower (translational boost), led by Deutsche Boerse (merger refusal) and exporters like Daimler, Siemens, HeidelbergCement and Thyssenkrupp.
The UK Index 100 is back testing both intersecting and rising support at 7325. The DAX 30 has found resistance just shy of 12250 as the EUR finds support. Dow Jones Futures are back below 20700, in retreat from yesterday’s rebound highs. Gold is trying higher, but faces falling highs resistance at $1255.
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The UK Index 100 is back testing both intersecting and rising support at 7325. Beware further GBP strength.
Watch levels: Bullish 7340, Bearish 7320
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 has found resistance just shy of 12250 as the EUR finds support. Note the overbought RSI.
Watch levels: Bullish 12200, Bearish 12150
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 are back below 20700, in retreat from yesterday’s rebound highs.
Watch levels: Bullish 20,680, Bearish 20,660
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 is trying higher, but faces falling highs resistance at $1255. Any USD rebound would likely trigger another leg lower.
Watch levels: Bullish $1256, Bearish $1251
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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