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Index Focus - 13 September 2017

Bullishness may have waned, adding to yesterday’s reversal, but equities are well off their worst levels, back closer to break-even for the day. A strong GBP continues to hamper the UK Index , but the currency is back from its highs following underwhelming UK wages growth, sure to compound Carney’s & Co’s policy conundrum of rising inflation and strong jobs versus slower wage growth. Oil has also helped with a UK Index bounce on higher IEA demand forecasts and Venezuela saying output pact extensions are possible.

The German DAX is flat with strong gains for Siemens, Merck and Autos (VW, BMW) offset by losses for Linde, Henkel, Deutsche Telekom and Munich Re (hurricane relief bounce over?).

The UK  UK 100 is held back by Miners (weak base metals),  GSK & DGE (strong GBP, broker downgrade), AZN, SHP  (profit taking from recent rally), HSBC & PRU (profit taking after relief bounce) and TSCO (broker downgrade). Helping the index off lows are RDSb & BP (higher oil price) and Barclays (bounce off channel floor, hopes of hawkish BoE tomorrow).

The UK Index 100 has bounced back for a bullish re-test of this morning’s 7390 breakdown. The DAX 30 retains its uptrend after yesterday’s break above 12500. After yesterday’s breakout, Dow Jones Futures look to have plateaued around 22100. Gold has found fresh support at $1330, extending its bounce off Aug rising lows.

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards lows of 7,285? or;
  2. Will the index rise towards highs of 7,460?

The UK Index 100 has bounced back for a bullish re-test of this morning’s 7390 breakdown.

  • Watch levels: Bullish 7,395, Bearish 7,375

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 7380, 7360, 7340, 7320, 7300, 7285
  • Potential resistance: 7390, 7400, 7415, 7435, 7460

Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.

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Where next?
  1. Will the index fall towards lows of 11,865? or;
  2. Will the index rise towards highs of 12,900?

The DAX 30 retains its uptrend after yesterday’s break above 12500

  • Watch levels: Bullish 12,565, Bearish 12,525

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 12525, 12510, 12500, 12475, 12460, 12430, 12400, 12365
  • Potential resistance: 12545, 12555, 12560, 12580, 12600, 12675, 12700, 12735, 12840

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

Where next?
  1. Will the index fall towards lows of 21,500? or;
  2. Will the index rise towards highs of 22,180

Dow Jones Futures look to have plateaued around 22100

  • Watch levels: Bullish 22,120; Bearish 22,090

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 22100, 22090, 22080, 22070, 22060, 22040, 22020, 22000
  • Potential resistance: 22120, 22125, 22135, 22150, 22180, -

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

Where next?
  1. Will Gold fall towards lows of $1,300? or;
  2. Will Gold rise towards highs of $1,358?

Gold has found fresh support at $1330, extending its bounce off Aug rising lows.

  • Watch levels: Bullish $1336, Bearish $1330

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1330, 1327, 1323, 1316, 1310, 1300
  • Potential resistance: 1335, 1339, 1343, 1350, 1355, 1358

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

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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.

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