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Equities are positive this morning with bulls in control as a weaker GBP brings in those much lauded FX translation benefits to the likes of BP and British American Tobacco, while financials are benefiting from good H1 earnings. Asia focused banks continue to outperform too. All of the aforementioned are heading up the UK 100 in terms of points contribution.
Meanwhile, Legal & General is taking 2 points off the index after its results, however sugar coated, fell short of forecasts. The miners are also deducting their fair share of points after sentiment indicators in Australia went further into the red – that following a rate cut by the RBA last week.
A break above 6820 gives bulls confidence the UK 100 can continue its uptrend towards 7000. The DAX 30 is struggling to better the 7 Aug high 10480. Dow Jones futures have turned over below their July all-time highs. Gold is still consolidating and awaiting proper direction.
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The UK 100 is testing yesterday’s high 6830. The hourly RSI is in a narrowing pattern but is testing the ceiling of that pattern.
Watch levels: Bullish 6840, Bearish 6795
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.
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The DAX 30 is back up once again testing the 10500 level after yesterday’s pause. A strong bullish candle could see the index break out today.
Watch levels: Bullish 10600, Bearish 10360
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.
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Dow Jones futures have so far failed to re-gain their mid-Jul record highs with resistance around 18570. A pullback to the 100-hour moving average is possible as momentum heads back towards zero.
Watch levels: Bullish 18585, Bearish 18425
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 his trading down near intersecting support $1330 witht he 20-hour moving average providing a hurdle to the upside.
Watch levels: Bullish $1336, Bearish $1333
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
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