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Equity markets are showing no signs of looking back, maintaining their recovery uptrends from Brexit vote lows assisted by a healthy combination of a sector advances contributing to a bullish party. Financials are buoyant thanks to UK banks shares laughing at a Moody’s downgrade. Property names suggest it’s still is a seller’s market. Oil majors are enjoying the sight of oil back around $49/barrel and telecoms are up on Brexit reassurances from Vodafone. Note certain defensive and high-yielding favourites (Tobacco, Healthcare) still performing well. And all this despite a crumbling Westminster and political headwinds aplenty.
The UK 100 has broken above 6250 to test 6300, still in a 4-day uptrend with real potential to revisit 2016 pre-Brexit highs of 6450. The DAX30 continues to grind higher from its Brexit lows, with a break above 9600. Wall Street/Dow Jones futures sit in a 2-day rising channel which has ushered the index above 17500. Gold is back below $1320, in a 3-day shallow falling channel suffering the return of risk appetite and demand for equities.
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UK 100 has broken above 6250 to test 6300, still in a 4-day uptrend with real potential to revisit 2016 pre-Brexit highs of 6450. Does this Brexit bounce back have legs?
Watch levels: Bullish 6305, Bearish 6225
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.
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The DAX30 continues to grind higher from its Brexit lows, with a break above 9600 suggesting 9700 could be close. A breakout there could help with the recovery to pre-Brexit highs of 10450.
Watch levels: Bullish 9635, Bearish 9570
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
Wall Street/Dow Jones futures sit in a 2-day rising channel which has ushered the index above 17500 and could help maintain its recovery towards pre-Brexit highs of 18000.
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 is back below $1320, in a 3-day shallow falling channel suffering from the return of risk appetite and demand for equities. Back to $1300?
Watch levels: Bullish $1325, Bearish $1315
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
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