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Index Focus - 14 November 2017

Global equities remain mixed around breakeven. Whilst disappointing Chinese data has penalised FTSE Miners, Vodafone upgrading guidance is helping the index outperform peers. Further help is at hand from a politically pressured GBP being kept down by soft inflation data. Dollar weakness amid persistent concerns about tax reform delay has also lead to unwelcome EUR strength to see the German DAX underperform, all the while the US Dow Jones trades flat.

The FTSE outperforms thanks to VOD (upgraded guidance), TSCO (Booker merger approval), RDSb and SHP/NMC/BA (bounces). Offering resistance are GLEN/RIO/BLT (soft China data) and BATS/IMB (defensives). Germany’s DAX underperforms as results inspired gains for Infineon are offset by similarly inspired losses for both Henkel and RWE.

The FTSE 100 is holding its bounce from 7400, but still in a steep downtrend. The DAX 30 also holds its bounce from 13000 in a steep downtrend. Dow Jones Futures are sideways 23420-23460, awaiting a break. Gold has bounced from $1270.

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards lows of 7,200? or;
  2. Will the index rise towards record highs of 7,590

The FTSE 100 is holding its bounce from 7400, but still in a steep downtrend.

  • Watch levels: Bullish 7,435, Bearish 7,425

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Downtrend, within uptrend
  • Potential support: 7425, 7415, 7405, 7375, 7350, 7330, 7290
  • Potential resistance: 7440, 7470, 7500, 7540, 7555, 7590

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 12,500 or;
  2. Will the index rise to record highs of 13,534?

The DAX 30 also holds its bounce from 13,000 in a steep downtrend.

Watch levels: Bullish 13,090, Bearish 13,060

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 13060, 13040, 13020, 13000, 12960
  • Potential resistance: 13095, 13100, 13110, 13120, 13130, 13150, 13165, 13200

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 23,310? or;
  2. Will the index rise to fresh highs of 23,620?

Dow Jones Futures are sideways 23420-23460, awaiting a break.

  • Watch levels: Bullish 23,460; Bearish 23,420

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 23420, 23400, 23380, 23360, 23340, 23310
  • Potential resistance: 23460, 23490, 23500, 23540, 23580, 23600, 23620

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 $1,260? or;
  2. Will Gold rise towards highs of $1,305?

Gold has bounced from $1270.

  • Watch levels: Bullish $1274.5, Bearish $1272

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 1273, 1272, 1270, 1265, 1260
  • Potential resistance: 1274, 1277, 1280, 1288, 1290, 1295, 1300, 1305

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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Our 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. Accendo Markets research has not been prepared in accordance with legal requirements designed to promote its independence and may not comply with FCA guidelines to prevent conflicts of interest and is not subject to any prohibition on dealing ahead of the dissemination of research. As such, this research does not constitute a personal recommendation or offer to enter into a transaction or an and is produced and distributed for information purposes only. Accendo Markets considers 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, Analyst

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