This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity markets mixed this morning following an uninspiring set of Fed minutes which only went to confirm what markets had been assuming – June rate hike not on the cards – and weak China Manufacturing data bolstering calls for more stimulus. The UK’s UK Index supported by hopes of more China stimulus and M&A. Germany’s DAX held back by disappointing PMI readings, a EUR pull-back and Greek concerns. Wall St back from highs on questions over strength of US recovery. Gold flat following recent USD bounce and lack of macro panic.
UK 100 still making its way towards the apex of a bullish ascending triangle pattern. A breakout could complete at all-time highs. Uptrend from 7 May intact but yet to better falling highs from mid-April.
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
Germany’s DAX is taking a breather after its breakout from the April downtrend. Pause before another leg higher? Or drop back to 11600 support?
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 US Dow Jones has found support around its recent 18200 breakout. Healthy pull-back before resumption of uptrend? Or sign of worse to come? Steep 7 may uptrend breached?
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 holding around $1210 with bulls and bears evenly matched in terms of optimism and fear after Fed minutes (no rate rise in June) stopped the USD rally. Note 100- and 200-day MAs proving supportive. Beware of potential for current pause being merely consolidation before another leg down (hawkish fed chatter and/or strong USD data could be the culprit). A weaker USD would be a help.
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