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Index Focus - 29 November 2017

Equities are decidedly mixed, the UK Index penalised by a combination of GBP strength (‘speculation’ the UK and EU have reached a Brexit settlement figure that would solve at least part of the negotiation deadlock) and lower oil prices before tomorrow’s OPEC shindig. Conversely, the German DAX is up sharply thanks to continued declines for the EUR in response to a USD rally on increased hopes of US tax reform, something that has ushered US equity futures to fresh record highs.

The UK UK Index  is held under water by lower oil prices before tomorrow’s OPEC meeting (RDSB/BP), the stronger GBP hurting internationally exposed defensives (BATS, IMB, GSK, ULVR, RB, DGE, HSBC) and a stronger USD hurting metals (RIO/BLT/ GLEN).  Offering insufficient buoyancy is Brexit agreement inspired gains for Banks and Housebuilders, the sectors most hurt in the wake of the referendum. Germany’s DAX outperforms once again, the weaker EUR helping with strength across the board but most notably from Autos, Financials and Industrials.

The UK Index 100 has found support at 7413. The DAX 30 has found resistance at 13200. Dow Jones Futures are trading fresh record highs. Gold continues to have difficulty cracking resistance at $1295, the strong USD proving a hindrance.

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Where next?
  1. Will the index fall towards lows of 7,350? or;
  2. Will the index rise towards record highs of 7,475

The UK Index 100 has found support at 7413.

  • Watch levels: Bullish 7,425, Bearish 7,410

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 7413, 7400, 7380, 7370, 7365, 7350
  • Potential resistance: 7420, 7430, 7440, 7475

Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.

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Where next?
  1. Will the index fall towards lows of 12,850 or;
  2. Will the index rise to record highs of 13,530?

The DAX 30 has found resistance at 13200.

Watch levels: Bullish 13,200, Bearish 13,150

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 13150, 13130, 13105, 13080, 13050, 13000
  • Potential resistance: 13200, 13250, 13325, 13350, 3420

Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.

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Where next?
  1. Will the index fall towards lows of 15,000? or;
  2. Will the index rise to fresh highs of 24,000?

Dow Jones Futures are are trading fresh record highs

  • Watch levels: Bullish 23,900; Bearish 23,850

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 23850, 23800, 23750, 23650, 23600
  • Potential resistance: 24000, -

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

Where next?
  1. Will Gold fall towards lows of $1,265? or;
  2. Will Gold rise towards highs of $1,305?

Gold continues to have difficulty cracking resistance at $1295 (long upper tails), the strong USD proving a hindrance.

  • Watch levels: Bullish $1300, Bearish $1290

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1294, 1291, 1287, 1285, 1280, 1275
  • Potential resistance: 1295, 1300, 1306

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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