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Global bourses are higher this morning as European bourses outperform US peers. Fresh Sterling weakness has emerged after the overnight release of a YouGov election poll, which forecasts that the supposed Conservative election procession may instead end with a hung parliament. Subsequently, the pound briefly touched a 6-week low which, alongside a technical breakout on the German DAX, has helped the UK’s blue chip index to trade a fresh all-time intraday high at 7564. This fresh high comes despite underperformance from the heavily weighted Mining sector as Chinese Iron Ore futures trade 6.4% lower, while Crude Oil prices have also slid 1.5%.
The outperforming UK 100 comes on account of strong showings for Defensive Exporters BATS, RB, DGE & ULVR, rallying alongside Asia-focused Banks HSBA & STAN and Pharma heavyweights GSK & AZN, due to Sterling weakness. Attempting to contain the rally are Miners GLEN, RIO, BLT & AAL (base metals sell-off), RDS (Crude -1.5%), TSCO (Kantar data shows falling market share) and UK-focused Lenders BARC & LLOY (hung parliament uncertainty).
The UK Index 100 has traded a fresh all-time high of 7564. The DAX 30 has broken out from its 12580-12620 narrowing pattern. Dow Jones Futures are testing the ceiling of their 21010-21045 falling channel. Gold continues to recover from $1260 support having retreated from a 1-month high of $1270.5.
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The UK Index 100 has traded a fresh all-time high of 7564. Can it go higher or will it pare gains?
Watch levels: Bullish 7565, Bearish 7540
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 broken out from its 12580-12620 narrowing pattern. Back to 12700?
Watch levels: Bullish 12670, Bearish 12630
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 testing the ceiling of their 21010-21045 falling channel.
Watch levels: Bullish 21,050; Bearish 21,020
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 recover from $1260 support having retreated from a 1-month high of $1270.5.
Watch levels: Bullish $1266; Bearish $1264
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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