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 with the UK Index making a breakout above it’s 1-week ceiling helped by Vodafone M&A optimism. DAX and Wall Street sideways into the long weekend with sentiment buoyed by weak US data helping keep a lid on US rate hike expectations, and thus the USD, and China indicators maintaining hopes of further stimulus. Both issues commodities-positive. Gold rebounded as investors take advantage of recent sell-off to position themselves for long-Greekend risk.
UK 100 made breakout from 1-week bullish ascending triangle pattern, however, still needs to clear April falling highs 7050 before regaining all-time highs 7127. Rally on or risk-off back towards 7000?
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 maintains sideways shift/breather following breakout at 11600, supported by 50-day MA. Another 400pt rally possible? Or fall back to rising lows at 11500.
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
US Dow Jones holding steady after last week’s 18200 breakout and having registered new all-time highs. US data supportive of rate-hike delay, but further progress lacking clear catalyst. A pause. But which way next?
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 rebounded from sell-off as USD rally peters out with US data and Fed minutes pushing rate hike expectations out further. 100- and 200-day MAs still looking supportive, but shorter term RSIs suggesting overbought.
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