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Index Focus - 22 May 2017

Equity indices are mixed around the half-way mark. The UK’s UK Index outperforms thanks to a stronger oil price ahead of the OPEC Thursday meeting and GBP weakness vs USD and EUR. Germany’s DAX suffers from fresh EUR strength vs USD while Dow futures hover around breakeven, holding their Friday gains as they appear to give Trump another benefit of the doubt and maintain confidence in US growth.

The UK 100  is outperforming thanks to Vodafone & BT (positive momentum), HSBC (Fed hike likely in June; Asia growth), BP & Shell (Oil rally before OPEC), RIO & GLEN (Copper at rebound highs), LLOY (fully re-privatised) offsetting a drag from PRU (US doubts), MCRO and WPG (bearish reversal at highs, broker downgrade). Germany’s DAX underperforms on account of weakness for exporters Siemens, Adidas and Infineon.

The UK Index 100 holding around 7500 after breaking above 7485 to trigger a bullish pattern. The DAX 30 has reversed last week’s rebound to make a bearish test of 12600. Dow Jones Futures are back testing 20800 for support. Gold holds its uptrend, but breached 5-month support continues to hamper progress at $1258.

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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 holding around 7500 after breaking above 7485 to trigger a bullish bullish inverse head & shoulders pattern that could take the index as highs as 7475, to fresh record highs.

Watch levels: Bullish 7510, Bearish 7480

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 7490, 7485, 7480, 7470, 7455, 7420, 7390
  • Potential resistance: 7500, 7505, 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 12,215? or;
  2. Will the index rise towards highs of 12,875?

The DAX 30 has reversed last week’s rebound to make a bearish test of 12600.

Watch levels: Bullish 12610, Bearish 12580

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 12585, 12560, 12520, 12490
  • Potential resistance: 12605, 12610, 12660, 12690,

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 are back testing 20800 for support

Watch levels: Bullish 20820; Bearish 20790

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 20800, 20785, 20780, 20750, 20710, 20685, 2650
  • Potential resistance: 20820, 20835, 20855, 20860, 20880, 20950, 21000

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 $1,214? or;
  2. Will Gold rise towards highs of $1,295?

Gold holds its uptrend, but breached 5-month support continues to hamper progress at $1258.

Watch levels: Bullish $1258; Bearish $1255

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1256, 1255, 1252.5, 1250, 1246, 1241
  • Potential resistance: 1257, 1258, 1260, 1265, 1271, 1277

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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