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Equities remain in rebound mode, extending their bounces as relative geopolitical calm and positive macro data (China, US, Eurozone) fuels fresh risk taking by investors. Additional help for Europe comes from USD strength delivering helpful GBP and EUR weakness to flatter exporters and the value of foreign dividends.
The UK 100 is up thanks to Miners (China PMI, metals rally), HSBC (Asian calm), BATS/CRH (weaker GBP), DGE (Pernod Ricard results), PRU/AZN/GSK/SHP (extending bounces) whilst proving a drag are TSCO (Carrefour warning), RDSb (lower oil, Hurricane Harvey), LLOY (BoE Saunders less urgent about rate hike) and G4S (ex-div).
Germany’s DAX benefits from EUR weakness, with gains for all but autos and media, and the most notable out-performance being from HeidelbergCement, Lufthansa, Adidas, Merck, Thyssenkrupp and Commerzbank.
The UK Index 100 has broken above 7400, nearing a full retrace to recent highs. Bullish triple bottom on the cards? The DAX 30 has bounced back to test 12100 but remains in a June downtrend. Dow Jones Futures are making a bullish test of falling highs resistance at 12900. Gold remains above $1300 and within its 2-month rising channel.
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The UK Index 100 has broken above 7400, nearing a full retrace to recent highs. Bullish triple bottom on the cards?
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 bounced back to test 12100, but remains in a June downtrend.
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 making a bullish test of falling highs resistance at 12900. RSI already made bullish breakout.
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 remains above $1300 and within its 2-month rising channel. RSI holding above neutral.
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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