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Global equities are flat to negative as investors take risk off the table ahead of a busy week for politics and macroeconomics. The headline event understandably is the UK’s general election on Thursday, with the latest ICM poll released this morning giving the Conservatives an 11-point lead, at odds with some weekend polls showing only a 1-point lead over Labour. This has boosted Sterling against both the Euro and the US dollar, subsequently hurting the UK Index ‘s majority contingent of foreign-earning components. Furthermore Crude Oil, having rallied after four Gulf States, led by OPEC mouthpiece Saudi Arabia, cut diplomatic ties with fellow member Qatar, has pared gains, with global benchmark Brent Crude trading back below the key psychological $50 level.
Leading fallers on the UK 100 are Miners RIO, GLEN & BLT (Commodities under pressure), GSK & VOD (profit taking from 7-/8-month highs respectively), PRU (falling from 6-week falling highs resistance) and LLOY (weak UK macro data; extended sell-off from 12-month high). Capping losses are BP (Qatar crude oil optimism), OML (extending gains after Caerus acquisition), Asian Banks HSBA, & STAN (low regional political risk), RBS (private equity revised bid for challenger bank Shawbrook) and Defensive NG (increased political risk).
The UK Index 100 has fallen from 7600 highs to test rising lows support at 7525. The DAX 30 is rallying from 12,800 support having fallen from last week’s all-time highs. Dow Jones Futures are narrowing between 21,205-21,185 ahead of US market open. Gold is testing 11-month falling highs resistance.
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The UK Index 100 has fallen from 7600 highs to test rising lows support at 7560. Will it hold or will it take another leg lower?
Watch levels: Bullish 7540, Bearish 7515
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 rallying from 12,800 support having fallen from last week’s all-time highs.
Watch levels: Bullish 12840, Bearish 12790
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 narrowing between 21,205-21,185 ahead of US market open. Break higher or lower?
Watch levels: Bullish 21,215; Bearish 21,175
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 is testing 11-month falling highs resistance. Breakout or retracement?
Watch levels: Bullish $1282; Bearish $1278
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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