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Global equities are under pressure into the weekend as investors take some risk off the table following a tricky March that closed the door on the best Q1 for equities in several years. This is especially noteworthy given the prevalence of political risk at the same time as global central bank policy continues to diverge.
The UK UK 100 is being driven south by fresh GBP strength adding to metals off their highs and a pause in the oil rebound to hinder Miners. Add to this Banks (doubts about monetary policy tightening and/or US deregulation), select defensives (ULVR, DGE, BATS, VOD) and Old Mutual (weak South African Rand). This offsets help from Imperial Brands (yesterday’s trading update), insurers Aviva & Direct Line and National Grid (favourable OFGEM ruling).
Germany’s DAX is topped by utility RWE (broker upgrade) and Deutsche Boerse (LSE merger off) countering losses for two thirds of the index, most notably in HeidelbergCement (US infrastructure spending doubts).
The UK Index 100 is testing intersecting 3-week support at 7330. The DAX 30, at 12250, is holding around the ceiling of a 6-week rising channel. Dow Jones Futures have pulled back from 20750 resistance again. Gold continues to retrace from this week’s bullish failure at $1260, hindered by the USD rebound.
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The UK Index 100 is testing intersecting 3-week support at 7330.
Watch levels: Bullish 7350, 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, at 12250, is holding around the ceiling of a 6-week rising channel. RSI remains overbought. Back to channel floor around 12000?
Watch levels: Bullish 12265, Bearish 12225
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 have pulled back from 20750 resistance again.
Watch levels: Bullish 20,705, Bearish 20,665
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 continues to retrace from this week’s bullish failure at $1260, hindered by the USD rebound.
Watch levels: Bullish $1245, Bearish $1239
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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