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European equity markets remain offside amid rising tensions on the Korean peninsula courtesy of Kim Jong-un’s strongest nuclear test to date. This may have eaten into last week’s risk appetite, but to a limited extent as indices trade off their worst levels and the flight to safety eases. The latter has been helped by positive Eurozone macro data, in turn fuelling fresh Euro strength that sees Germany’s DAX underperform. Note US markets closed for Labor Day holiday.
The UK’s UK 100 is held back by GSK & SHP (profit taking after bounces), RB (departure of key sales execs), HSBC & STAN (Asian risk) and PRU. These are overwhelming the positive contributions from ULVR (beneficiary of RB woes), FRES & RRS (gold rally), BP & RDS (small gains but heavyweights) and BATS (GBP-USD back from highs). Germany’s DAX is down on general weakness. Standout losers include utilities RWE & E.ON, ThysenKrupp & Infineon, both versions of Fresenius as well as financial heavyweight Commerzbank, easily outweighing solitary gainer ProSeibenSat.1 Media.
The UK Index 100 awaits a break from its new 7400-7440 range. The DAX 30 is struggling to get back above 12100, still hampered by a summer downtrend. Dow Jones Futures are back below 21950, consolidating their recent bounce. Gold has pulled back from $1340 having revisited Nov highs and completed a bullish flag.
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The UK Index 100 awaits a break from its new 7400-7440 range. Bullish pennant on hourly chart? Back to last week’s highs to revive optimism in a recovery to 7550?
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 is struggling to bet back above 12100, still hampered by a summer 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 back below 21950, consolidating their recent bounce. From this tight range will it be breakout or a break down?
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 has pulled back from $1340 having revisited Nov highs and completed a bullish flag.
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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