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It’s a risk-on end to the week, in Europe anyway, in spite of Trump tax reforms already hitting stumbling blocks. The UK’s internationally skewed FTS100 has benefited from a weaker than expected UK GDP print sending GBP lower. German’s DAX holds close to recent highs while US futures are flat ahead of China PMI data this weekend.
The UK UK 100 outperforms thanks to GBP weakness, led higher by RDSb &BP (oil price found support ), ULVR & RB (weaker GBP), RIO & GLEN (weaker GBP boosts USD dividends) and a mix of BATS, GSK, DGE and VOD. At the tail end, offering minimal resistance, is just HL (Reuters reports founders selling 2% stake).
Germany’s DAX is higher as gains for Bayer (sold $1bn stake in Covestro), BASF (broker upgrade), Linde (BASF read-cross?) and Insurance (Munich Re, Allianz) offset standout losses for Merck KGaA and Volkswagen (sees €2.5bn Q3 hit from diesel-gate scandal).
The UK Index 100 has broken above 7340 to challenge Aug falling highs at 7370. The DAX 30 extends its rally to 12750, in a bullish pattern to 12900. Dow Jones Futures could be preparing for a bullish flag breakout worth 100pts. Gold extends its bounce from $1280.
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The UK Index 100 has broken above 7340 to challenge Aug falling highs at 7370.
Solid Green line
Possible support
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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 extends its rally to 12750, in a bullish pattern (inverse H&S reversal) to 12900
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 could be preparing for a bullish flag breakout worth 100pts to a fresh record high.
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 extends its bounce from $1280, within a falling channel. Note 1290 has been a key level of support and resistance since mid-August.
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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