This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities bearing the brunt of continued commodity price weakness which has resulted in yet another major mining name ditching dividends to save its balance sheet while trying to weather a global supply glut and strong USD headwind before a likely US rate rise. Will the stronger miners do the same? With Oil gushing lower, might the still generous paying oil refiners be required to follow suit? Poor Chinese trade data hasn’t helped growth sentiment overnight, with exports still weak, even if Japan managed to swerve recession.
Equities maintain their correction from recent highs. UK Index broken below 3-month intersecting support 6200. Bearish flag to 6075? DAX turned back from 11000, possibly set to revisit of 10700. Wall St testing yesterday’s 17650 lows, a breach of which could open up a fall back to 17500. Gold in uptrend from recent lows with potential to revisit recent $1089 highs.
Click below to expand sections.
UK 100 weakness seen it break below 6200 which could open the door for completion of a bearish flag pattern at 6075.
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 turned back from 11000. Still in uptrend but potential for retrace to 10700 before it resumes.
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 futures, after falling back from its 17900 ceiling, is testing recent lows support at 17650. A break below could send us back to early month lows of 17400-17450.
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’s in uptrend, with higher lows and prior $1065 resistance turning to support overnight. Still in long-term downtrend, but potential short-term upside to recent highs
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