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FTSE 100 Focus - 9 August 2018
The FTSE100 is offside by 50pts, a net 12pt decline once you factor in it being a big day for companies going ex-dividend, accounting for 38pts. Several miners are helping limit the decline thanks to a Copper price breakout and solid China inflation. GBP bounce vs USD, off a falling channel floor, may be adding to the ex-dividend negativity, although Oil off its lows is offsetting this, with BP and RDSB no worse off than their 1.4% dividends. Note AZN/FRES/RIO shares positive even after adjusting for dividends.
Contributors: FTSE -50pts, thanks to GSK/BP/RDSB/DGE/BT/RIO/BARC (ex-dividends), BATS/RB/CRH (GBP off lows), TUI (results, warm weather), VOD/WPP (profit-taking) and SHP (Takeda shares lower overnight, GBP off lows). Helping keep the index net breakeven after all those ex-dividends are GLEN/BLT/ANTO/AAL (Copper, China inflation) and AZN/CPG (momentum).
Technicals: The FTSE100 is back testing 7720 overnight lows. Will 3-week intersecting support at 7715 hold up?
Click below to expand sections for more detailed analysis
- Will the index fall towards lows of 7537 (-188pts) ? or;
- Will the index rise towards highs of 7795 (+69pts)?
The FTSE100 is back testing 7720 overnight lows. Will 3-week intersecting support at 7715 hold up?
Watch levels: Bullish 7740, Bearish 7715
Solid Green line
Solid Red line
- Trend: Uptrend
- Potential support: 7720, 7715, 7710, 7695, 7670, 7655, 7636
- Potential resistance: 7740, 7755, 7770, 7785, 7795
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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