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Index Focus - 20 July 2017

European equities have found bullish impetus thanks to a raft of corporate earnings and some welcome currency weakness for both the GBP and EUR, outweighing any nerves about a hawkish ECB update and more QE taper hints. Metals prices off their best due to USD strength, although Crude oil remains strong after yesterday’s US inventory data.

The UK  UK 100  is outperforming, being driven north by heavyweights BATS (weaker GBP, Reynolds merger approval), GSK (weaker GBP; defensives strong), BP & RDSb (higher oil prices), Banks (general sector strength), BT & VOD (telecoms strong). Hindering are EZJ (results), IAG (EZJ + Lufthansa results) and RIO & GLEN (Copper prices lower). Germany’s DAX is higher thanks to industrials while poor results hurt Lufthansa (-5.6%).

The UK Index 100 has made a bullish breakout trade to fresh 1-month highs at 7480. The DAX 30 has broken back above 12500 to extend its bounce. Dow Jones Futures are back within touching distance of record intra-day highs. Gold is holding above this week’s $1236 breakout.

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Where next?
  1. Will the index fall towards lows of 7300? or;
  2. Will the index rise towards highs of 7600?

The UK Index 100 has made a bullish breakout trade to fresh 1-month highs at 7480

  • Watch levels: Bullish 7490, Bearish 7475

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 7480, 7440, 7410, 7400, 7380, 7360, 7340, 7300
  • Potential resistance: 7500, 7540, 7560, 7600

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 12,310? or;
  2. Will the index rise towards highs of 12,675?

The DAX 30 has broken back above 12500 to extend its bounce

  • Watch levels: Bullish 12550, Bearish 12475

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 12500, 12490, 12470, 12480, 12420, 12400, 12385
  • Potential resistance: 12550, 12600, 12650, 12675

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 21,465? or;
  2. Will the index rise towards highs of 21,685?

Dow Jones Futures are back within touching distance of record intra-day highs.

  • Watch levels: Bullish 21,680; Bearish 21,640

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 21650, 21640, 21630, 21620, 61600, 21580
  • Potential resistance: 21675, 21685, -

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 $1,205? or;
  2. Will Gold rise towards highs of $1,295?

Gold is holding above this week’s $1236 breakout.

  • Watch levels: Bullish $1245, Bearish $1236

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1236, 1230, 1220, 1215, 1210, 1205
  • Potential resistance: 1245, 1250, 1255, 1260, 1270, 1280, 1295

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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