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Index Focus - 15 November 2017

Equities are extending yesterday’s losses in a general risk-off move. This follows more China-inspired selling of metals overnight to hurt the commodity space and an IEA report on oil adding fuel to the global oversupply story. Compounding this are nerves about tomorrow’s US tax vote and dovish comments from the Fed’s Evans which have sent USD lower, resulting in reciprocal yet unwelcome GBP and EUR strength this side of the pond.

The UK Index is suffering from declines by heavyweight Oil majors (BP, RDS), Miners (GLEN, RIO, BHP, AAL) and Banks (HSBC, LLOY, BARC and RBS) while the likes of Telecoms (VOD, BT), Tobacco (BATS, IMB) and Pharma (AZN, GSK) display their defensive qualities by offering some, albeit not enough, buoyancy. The exporter-heavy German DAX underperforms due to EUR strength, with weakness across the board but most notably among Banks, Utilities and Industrials.

The UK Index 100 has extended its steep downtrend below 7400. The DAX 30 has broken below 12900. Dow Jones Futures have found multi-week support at 23265. Gold trades $1285 highs for this week thanks to the risk off mood and weaker USD.

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards lows of 7,100? or;
  2. Will the index rise towards record highs of 7,600

The UK Index 100 has extended its steep downtrend below 7400. Breach of 200-day moving average. RSI not yet oversold.

  • Watch levels: Bullish 7,400, Bearish 7,365

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Downtrend
  • Potential support: 7370, 7350, 7320, 7300, 7250, 7200, 7100
  • Potential resistance: 7380, 7400, 7410, 7440, 7475

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 11,870 or;
  2. Will the index rise to record highs of 13,534?

The DAX 30 has broken below 12900. RSI not yet oversold. Steep falling channel.

Watch levels: Bullish 12,900, Bearish 12,850

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Downtrend
  • Potential support: 12850, 12800, 12740, 12700, 12650
  • Potential resistance: 12885, 12920, 12960, 12980, 13010

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 23,000? or;
  2. Will the index rise to fresh highs of 23,620?

Dow Jones Futures have found multi-week support at 23265. Bounce or break lower?

  • Watch levels: Bullish 23,300; Bearish 23,260

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Downtrend
  • Potential support: 23265, 23250, 23225, 23200, 23175, 23000
  • Potential resistance: 23300, 23350, 23400, 23450

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 $1,310?

Gold trades $1285 highs for this week thanks to the risk off mood and weaker USD.

  • Watch levels: Bullish $1288, Bearish $1280

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 1284, 1282, 1280, 1278, 1276, 1274, 1272, 1270, 1265, 1260
  • Potential resistance: 1286, 1288, 1290, 1293, 1300, 1305, 1310

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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