This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot Point: 6663; Support 1, 2 & 3: 6648, 6621, 6604; Resistance 1, 2 & 3: 6689, 6706, 6731
The UK flagship index UK 100 has encountered some resistance after regaining 6680 intraday highs of 18-March, which is understandable given the 2 week rally from 6500 and the all-important ECB policy decision this afternoon and US jobs report tomorrow. After some initial optimism from another positive US close and an overnight mini-Chinese stimulus package, it looks like final Eurozone PMI Services readings have taken the wind out of the bulls sails (UK included) with prints missing estimates slightly. European equities trading back around breakeven.
On the long term graph, we sit in the mid-range of recent and 6500 lows 6875 highs, right on the 50 and 100-day MAs. The long-term uptrend holds, with momentum positive and still rising but some uncertainty prevails today. Shorter-term, the 3-month graph shows rising support and a breakout above falling highs from Feb, it but still needs to overcome 6680 March intraday highs. The 1-month shows potential downside back to 6620, which could simply represent a healthy correction within the overall 2-week rally .
Click below to view graphs
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
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
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
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