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Equity are well off their worst levels. And while the UK PM has fallen on his sword, financial markets are of the opinion that this is far from the end of the world for UK PLC. The most referendum-sensitive stocks (financials, housebuilders, retail) are already delivering turnarounds and Brexit-bounce-backs. A recovery rally both here and on the continent, where the ramifications of the UK’s vote to Leave are yet to be confirmed, may have legs. It’d be careless not to entertain the possibility this is merely a dead-cat bounce as the dust settles, but the early signs are certainly rather positive.
The UK 100 is back above 6000, delivering a strong 6% bounce from Brexit lows. The DAX30 has bounced almost 5% to regain 9600. Wall Street/Dow Jones futures are 1.9% higher, testing 17600 after a sharp overnight decline. Gold popped to $1350 on the Brexit vote but is already back below $1320 as equities rebound and safe haven demand eases.
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The UK 100 has made a 6% bounce from Brexit fuelled lows to test 6100. Is the worst behind it? Back to 6400?
Watch levels: Bullish 6105, Bearish 5980
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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The DAX30 has bounced almost 5% to regain 9600. Can the gains continue towards 10000?
Watch levels: Bullish 9650, Bearish 9490
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Wall Street/Dow Jones futures are 1.9% higher, testing 17600 after a sharp overnight decline, but yet to break the round number
Solid Green line
Possible support
Solid Red line
Possible resistance
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
Gold popped to $1350 on the Brexit vote but is already back below $1320 as equities rebound and safe haven demand eases.
Watch levels: Bullish $1320, Bearish $1305
Solid Green line
Possible support
Solid Red line
Possible resistance
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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