This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity markets are off the boil again this morning, struggling for traction as we move further into the second full week post Brexit. This as we await the return of US bourses from 4th July festivities to help inject a bit more volume and conviction to trading. Confirmation from the Bank of England that capital requirements for UK banks are to be relaxed to boost lending – so the economy can weather any Brexit storm – is helping financials but miners, retail and property remain under pressure while the usual suspect defensives hold firm. Will BoE governor Carney say more at 11am about rate cuts and QE to give markets a real boost?
The UK 100 back above 6500 after a teasing test of the support level. A proper breach could see it fall back to 6400. The DAX30 – underperforming markedly today – has turned back from 9800 with not far to go before it revisits 9500. Wall Street/Dow Jones futures are in continued reverse from 18000, looking set to revisit 17800. Gold may have turned back from $1350, but bounced off $1340.
Click below to expand sections
The UK 100 is back above 6500 after a teasing test of the support level. A proper breach could see it fall back to 6400 via a bearish head & shoulders top reversal pattern. A bounce though 6560 would negate the 24hr downtrend.
Watch levels: Bullish 6525, Bearish 6490
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 has turned back from 9800 with not far to go before it revisits 9500. Support at 9400 or sell-off all the way back to 9200 floor?
Watch levels: Bullish 9585, Bearish 9535
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 are in continued reverse from 18000, looking set to revisit 17800. Only down 1% from compared to UK Index retrace of 2% thus far.
Watch levels: Bullish 17875, Bearish 17840
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 have turned back from $1350 and broken below rising lows, but it has already bounced off $1340. Reversal or just a natural pullback? Rising support from overnight lows
Watch levels: Bullish $1347, Bearish $1343
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