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Index Focus - 16 June 2017

Equity indices have found their mojo again, welcoming a summer extension for Greece’s credit card and progress towards the touchy subject of bail-out debt relief. Investors are digesting Weds’ mixed Fed update (another hike despite poor data) as well as yesterday’s surprisingly hawkish BoE. This as the UK prepares to begin Brexit negotiations on Monday (technically without a government ), discussions with the DUP closing in on Wednesday’s Queen’s speech deadline.

The UK’s UK Index  (helped by options expiry this morning?) sees gains across the board, boosted by heavyweight Oil majors, Defensives (BATS, DGE, ULVR), Miners (copper support) and Banks/Financials (hawkish Fed/BoE), easily overpowering minimal drag from BT (breakdown, >4yr lows), AAL (new SA mining regs), TSCO (Q1 trading statement). Germany’s DAX also sees general strength, especially from Commerzbank, HeidelbergCement, BMW, Henkel and Fresenius.

The UK Index 100 has extended its rebound to retest 7490 as we suggested it might in today’s morning report. The DAX 30 has bounced back for another bullish test of 12750. Dow Jones Futures are edging back from 21400 record highs posted overnight. Gold could be in the process of bullish double-bottom reversal to $1260.

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards lows of 7380 or;
  2. Will the index rise towards highs of 7600?

The UK Index 100 has extended its rebound to retest 7490 as we suggested it might in today’s morning report.

Watch levels: Bullish 7445, Bearish 7500

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 7455, 7450, 7440, 7430, 7420, 7410, 7390, 7380
  • Potential resistance: 7480, 7495, 7520, 7540, 7550, 7600, -

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 12,405? or;
  2. Will the index rise towards highs of 12,925?

The DAX 30 has bounced back for another bullish test of 12750.

Watch levels: Bullish 12760, Bearish 12715

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 12720, 12690, 12660, 12640, 12620
  • Potential resistance: 12740, 12760, 12790, 12800, 12820, 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 20,950? or;
  2. Will the index rise above highs of 21,408?

Dow Jones Futures are edging back from 21400 record highs posted overnight. Rising channel still valid?

Watch levels: Bullish 21,400; Bearish 21,380

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 21380, 21360, 21350, 21335, 21320, 21300, 21260
  • Potential resistance: 21390, 21400, -

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 $1,252? or;
  2. Will Gold rise towards highs of $1,267?

Gold could be in the process of bullish double-bottom reversal to $1260 as the Dollar’s own rebound finds a hurdle in last Friday’s highs.

Watch levels: Bullish $1257; Bearish $1255.6

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1255.6, 1254.6, 1254, 1253, 1252
  • Potential resistance: 1257, 1260, 1261, 1263, 1265, 1267

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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