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The UK 100 started the week on the front foot, helped by the recovery in global commodity prices, with oil, copper and gold all higher, as well as positive market sentiment ahead of US-Chinese trade talks in Washington later this week, which adds further strength to many of the China-exposed Mining shares. Sterling weakness due to persistent anxiety of “hard Brexit” is flattering many members of the UK Index ‘s international coterie.
Contributors: UK Index +35pts, helped by Miners (higher copper prices), Energy (higher oil prices), HSBA (Asia exposure, heavyweight), NMC (positive results) and RBS (weak GBP). Struggling to contain UK Index ‘s advance is SGE (Deutsche Bank downgrade).
Technicals: The UK 100 is testing a bullish breakout out of 2-week falling channel.
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The UK 100 is testing a bullish breakout out of 2-week falling channel
Watch levels: Bullish 7650, Bearish 7525
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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Prepared by Michael van Dulken, Head of Research