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 a little oil price strength stemming earlier declines. Markets could be moving on past a string of arguably expected Oil Major earnings reports, while we note the potential for this to be mere consolidation ahead of further declines. After all, the drivers remain the same. While we look to mid-week US crude inventory data for direction on the oil price and thus equity market strength, note however that hawkish US Fed chat praising stateside economic strength (despite oil woes…) may push investors to concentrate on fundamentals a bit more, rather than stock markets.
UK 100 taking a break around 5910 indicating a loss of recovery momentum. DAX in similar situ, yet maintaining the possibility of further gains to 9600. Wall St futures bouncing nicely in a rising channel. Gold bulls queueing up just below $1130 under intersecting resistance, yet maintaining just as much support.
Click below to expand sections
UK 100 trying to hold back above 5900 after yesterday’s breakdown . The reversal from 2016 highs maintains long term downtrend from May 2015.
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 DAX has found support north of overnight lows and is making a valiant effort to reverse the early morning sell-off. Bulls will look to a break above 9550 while bears seeing the overnight bounce as mere consolidation.
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 still in rising channel having bounced strongly off its floor this morning. Potential resistance around current levels, though. Retrace to 16200 shouldn’t worry bulls, but a beak back below that level might.
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 off recent highs $1130 again, with rising lows seeing pressure build beneath intersecting resistance.We still see $1120 as key level to hold to keep uptrend unchallenged.
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