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Global equities have found their mojo, back pointing north after yesterday’s pause. Optimism is derived from hopes that OPEC will extend production cuts at month end; Macron can form a working parliamentary majority; the Fed will hike because the US economy warrants it; the ECB will keep the QE taps open a little longer, and; base metals prices have found a bottom after their recent sell-off.
The UK 100 outperforms on welcome USD strength pushing GBP lower to benefit FX sensitive names like Oil majors (also benefiting from oil bounce), select Miners, healthcare, Tobacco and Asia-focused Banks while Utilities (Tory energy price cap) and UK-focused banks weigh. Germany’s DAX posts gains thanks to a weaker EUR/USD and gains from Banks and Utilities offsetting weakness in Autos and insurer Munich Re (Q1 profits miss).
The UK Index 100 is half-way to completing a bullish pennant to 7400. DAX 30 has resumed its uptrend from 12700. Dow Jones Futures broken above 21020, opening the door for 21070. Gold’s downtrend continues to test $1225 for support.
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The UK Index 100 is half-way to completing a bullish pennant to 7400.
Watch levels: Bullish 7355; Bearish 7330
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 resumed its uptrend from 12700. Note RSI in upper half is bullish.
Watch levels: Bullish 12800; Bearish 12750
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 has broken above 21020, opening the door for 21070.
Watch levels: Bullish 21040; 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.
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Gold downtrend continues to test $1225 for support.
Watch levels: Bullish $1230; Bearish $1224
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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