This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Markets have started the week on the back foot after a late rally in the states on Friday failed to help the Asian markets. Political unrest in Hong Kong has weighed on sentiment this morning, while tensions across the Middle East continue to fuel market uncertainty. These themes will likely be the driving forces in the markets today, although CPI data from Germany and Pending Home Sales from the US this afternoon may add direction.
The UK’s UK 100 is trading on a prior support level this morning, with a break below likely to see the UK Index back in the 6500’s. Resistance is not too far away, with the 50 day MA likely to be the first stop. The RSI is still declining and is getting very close to oversold.
Germany’s DAX is also trading on a prior support level this morning, with a break below likely to see it back in the 9300’s, while a bounce off support could see a push back up to the 9500’s. The RSI is still in decline and heading towards oversold territory.
The US Dow Jones futures look set for a lower open today after a seemingly short lived rally on Friday. We have seen the 20, 50 and 100 day MA’s break below the 200 day MA, whilst the RSI is also in decline. Support may come around 16900, however, a break below could signal a further pull back. Resistance meanwhile might be found at the 50 day MA at 17051.
Click below to view graphs.
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
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
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