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UK 100 Focus - 22 August 2018

The UK 100 is refreshingly bullish, building on the positive example set by Wall St, with considerable support from UK Index ‘s heavyweight Energy sector after last night’s unexpectedly large build in API Oil Inventories. Lower GBP, weakened by disappointment over lack of Brexit progress, is helping many international stocks, but note that defensive shares are at the forefront of today’s positive run, hinting at a still tentative market attitude. News of Donald Trump’s potential troubles with the law over the Michael Cohen affair are so far having a rather limited impact on London shares.

Contributors: UK Index +35pts, helped by RDSB/BP (oil prices higher on inventory build), ULVR/VOD/RB/GSK (defensives, weaker GBP), BLT (bounce from support) and RIO (broker upgrade). Offering some limited negativity is ABF (momentum).

Technicals: The UK 100 is testing a breakout from a 3-week falling channel, closing on Monday’s highs resistance

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards lows of 7475 (-125pts) ? or;
  2. Will the index rise towards highs of 7673 (+73pts)?

The  UK 100 is testing a breakout from a 3-week falling channel, closing on Monday’s highs resistance

Watch levels: Bullish 7625, Bearish 7560

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 7567, 7530, 7518, 7505, 7491, 7476
  • Potential resistance: 7613, 7635, 7670, 7708, 7755

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
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