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After a brief flirt, Wednesday, with the ceiling of November’s falling channel (7065), the UK Index is on the back foot into the weekend.
Losses from the heavyweight Oil majors and Miners are overpowering the strength from a selection of Defensives (tobacco, pharma, telecoms) and high-street Banks (Lloyds and HSBC).
The Pound Sterling has been both help and hindrance this week (buffeted by Brexit headlines), but looks to end the week roughly flat.
Bulls are happy at the bounce from today’s lows, which may mean a rising support from October’s trough. Bears, on the other hand, will remain in a downtrend.
Our watch levels: Bullish 6950 (this afternoon’s breakdown), Bearish 6913 (today’s lows)
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Prepared by Michael van Dulken, Head of ResearchComments are closed.