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The UK 100 is sharply down, albeit off of session lows, as the markets are battered by the continuing fallout from Italian cabinet crisis, souring market sentiment. Oil has pulled back some of its Monday losses, but it is still trading 3-week lows, pushing down on UK Index Energy stocks, while a stronger USD is hurting Miners. Potential progress in NK-US summit talks is not soothing frayed market nerves, as investors are fleeing to safe haven of US Treasuries.
Contributors: UK Index -105pts, pushed down by HSBA (heavyweight, profit taking), BATS (weak GBP), RDSB/BP (oil low), PRU (downtrend), GLEN/BLT (strong USD, profit taking), RBS (government stake sell-off), BARC/LLOY (downtrend). Providing some minimal support to the index are FRES/RRS (investors rally into gold amid market fears), Smiths (M&A) and Smurfit Kappa (M&A)
Technicals: The UK 100 is in a week-long falling channel, trading close to 3-week lows.
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The UK 100 is in a week-long falling channel, trading close to 3-week lows.
Watch levels: Bullish 7640, Bearish 7615.
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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