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Index Focus - 19 May 2017

Equity indices are holding their rebound gains, albeit treading water since the European open, as investors weigh up recent market moves. Whilst not electing to take on more risk before the weekend, nor are they taking any more off the table. A positive statement in many ways, given the political headwinds in play. Supporting sentiment is a weak USD helping US Crude Oil rally back to a $50 handle, dragging Copper, Iron Ore and precious metals along with.

The UK 100  is outperforming thanks to Oil (BP, RDSb), Healthcare (AZN & SHP), RIO & GLEN (copper gains), FRES (precious metals rally) and defensives (WPP, ULVR, BT), offsetting a drag from EXPN (poor results yday, broker downgrade today), HIK (guidance cut) and TSCO (50-day MA resistance). Germany’s DAX is being helped by Utilities (RWE alliance), DTel and BMW with minimal hindrance from Healthcare, Linde and heavyweight Siemens.

The UK Index 100 is sideways 7455-7485, close to a breakout towards 7535 record highs. The DAX 30’s rebound has been checked at 12650. Dow Jones Futures are flirting with 20700, holding an uptrend. Gold is in a rising channel $1249-1254.

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Where next?
  1. Will the index fall towards lows of 7390? or;
  2. Will the index rise towards highs of 7535?

The UK Index 100 is sideways 7455-7485, with potential for a breakout towards 7535 record highs via a bullish inverse head & shoulders pattern. Rising lows support intact from recent lows.

Watch levels: Bullish 7485, Bearish 7455

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 7465, 7455, 7440, 7425, 7400, 7390
  • Potential resistance: 7485, 7500, 7510, 7520, 7535 -

Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.

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Where next?
  1. Will the index fall towards lows of 12,491? or;
  2. Will the index rise towards highs of 12,875?

The DAX 30’s rebound has been checked at 12650.

Watch levels: Bullish 12630, Bearish 12590

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 12600, 12590, 12560, 12550, 12520, 12490
  • Potential resistance: 12620, 12630, 12650, 12700, 12750, 12790

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

Where next?
  1. Will the index fall towards lows of 20,500? or;
  2. Will the index rise towards highs of 21,000?

Dow Jones Futures flirting with 20700, holding uptrend.

Watch levels: Bullish 20715; Bearish 20670

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 20680, 20655, 20645, 20615, 20600, 20550, 20520, 20500
  • Potential resistance: 20700, 20715, 20760, 20820, 20880, 20900, 20950

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

Where next?
  1. Will Gold fall below lows of $1,234? or;
  2. Will Gold rise towards highs of $1,264?

Gold’s is in a rising channel $1249-1254. Might it pull back from the ceiling to revisit the floor, before resuming the uptrend?

Watch levels: Bullish $1254; Bearish $1251

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1252, 1250, 1249, 1248, 1247, 1246, 1244, 1241
  • Potential resistance: 1253, 1254, 1256, 126, 1262, 1264, 1270

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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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

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