This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are on the back foot again today held back by a healthcare sector reacting to criticism of excessive pricing and lower commodity prices – notably oil – weigh on miners and drillers alike. The latter is in spite of a USD which is giving up some of its recent strength, actually helping raw material up off their worst levels. Nonetheless, with investors wondering whether Fed Chair Janet Yellen will in fact offer any pointers at all on the path for US monetary policy tomorrow after the European close, the fact this represents weekend event risk on his side of the Atlantic sees some reluctance to take on too much risk on deck.
The UK 100 remains in a 2-week down channel, confirmed after a bounce at 6780 saw it regain 6820. The DAX 30 bounce appears to put it range-bound 10470-10650 while it consolidates. Dow Jones futures are moving into the apex of bearish narrowing pattern at 18450. Gold could be prepping for a breakdown to $1312 via a bearish flag pattern.
Click below to expand sections
The UK 100 remains in a 2-week down channel, confirmed by a bounce from 6780 that has seen it retake 6800 and go on to test 6820.
Watch levels: Bullish 6835, Bearish 6795
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.
Click here for help with Support & Resistance Click here for help with technicals
The DAX 30 bounce appears to put it rangebound 10470-10650 while it consolidates.
Watch levels: Bullish 10600, Bearish 10460
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.
Click here for help with Support & Resistance Click here for help with technicals
Dow Jones futures are moving into the apex of bearish narrowing pattern at 18450. Note steep falling highs being more aggressive than the shallow falling lows.
Watch levels: Bullish 18500, Bearish 18440
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.
Click here for help with Support & Resistance Click here for help with technicals
Gold could be prepping for a breakdown to $1312 via a bearish flag pattern
Watch levels: Bullish $1329, Bearish $1321
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.
Click here for help with Support & Resistance Click here for help with technicals
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.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research