This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity indices are mixed this morning as conflicting Brexit polls overnight keep us guessing about Thursday’s still too-close-to-call Brexit referendum. The UK’s UK Index is in the red as commodities and miners hold it back in spite of GBP strength derived from reduced Brexit panic resulting in USD weakness that would usually be a benefit. An oil price struggling with the $50 marker is also a hindrance on account of oil majors’ heavy weighting in the UK index. Germany’s DAX is flat on Brexit uncertainty and despite better than expected ZEW surveys while the US Dow Jones futures suggest another day of stateside gains, assuming Fed Chair Janet Yellen doesn’t spoil the party with her testimony this afternoon and global growth barometer FedEx (FDX) doesn’t deliver set of results and/or outlook.
The UK 100 continues to test for a bullish breakout at 6200, holding its short-term uptrends. The DAX30 is sitting just below 10000, awaiting a driver for a breakout. Bullish ascending triangle? Wall Street/Dow Jones futures remain in an uptrend from Thursday’s lows, holding 17850 thanks to a trendline of rising support. Gold may be in the late stages of two bearish patterns, a breach of $1280 being the trigger for declines of $35.
Click below to expand sections
The UK 100 continues to test for a bullish breakout at 6200, holding its short-term uptrends. Just taking a breather?
Watch levels: Bullish 6210, Bearish 6170
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 DAX30 is sitting just below 10000, awaiting a driver for a breakout. Bullish ascending triangle?
Watch levels: Bullish 10010, Bearish 9940
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 remain in an uptrend from Thursday’s lows, holding 17850 thanks to a trendline of rising 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
Gold may be in the late stages of forming a pair of bearish patterns (complex head and shoudlers top reversal; descending triangle) a breach of $1280 being the trigger for drops of at least $35.
Watch levels: Bullish $1284, Bearish $1275
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