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The UK’s UK 100 blue-chip index has bounced off 6800 to keep alive its uptrend from last week’s fresh 2yr low. A break above 6900 could put it in a rising channel towards 7000. While trade concerns may have eased, Brexit uncertainty has risen. An unhelpful combo as we head into the season’s festivities.
While we look set to close the week +74pts (+1%) Bulls need a break above 6900 if they are to see 7000 and reduce the index’s 10% fall for 2018. Bears need to see a breach of rising support at 6800 for another chance to test 6670.
Our watch levels: Bullish 6900, Bearish 6800
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Prepared by Michael van Dulken, Head of ResearchComments are closed.