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Index Focus - 28 June 2017

Global bourses are very mixed this morning as the effect of ECB Chief Draghi’s hawkish turn spills into a second day. EUR strength is weighing on Germany’s DAX, the underperformer amongst major indices, while the UK 100 rallies back to breakeven and Dow Jones Futures turn positive after both enjoy technical breakouts from week-long resistance. The barrage of central bank speakers continues this afternoon, with Draghi speaking once again alongside BoE Chief Carney at an ECB annual policy forum in Portugal.

The UK 100 breakout is assisted by Financials (FCA asset management review not as harsh as expected?), Housebuilders (Nationwide House Price data), BNZL (H1 trading update), BT (momentum from 4-year lows), Tesco (Kantar sales growth) and IAG (27-month highs) while Shell (EUR off highs, oil under pressure), Pharma (US healthcare reform delay), and an array of Defensives and USD-exposed names including BATS & VOD weigh.

The UK Index 100 has survived a test of 7380 to break out from week-long resistance. The DAX 30 has recovered from a test of 12550 support. Dow Jones Futures are also off lows of 21310 and have overcome overnight highs of 12355. Gold has fallen back after failing to overcome resistance at $1253.5.

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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 survived a test of 7380 to break out from week-long resistance, however remains hindered by 2-week falling highs resistance.

Watch levels: Bullish 7450, Bearish 7420

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 7440, 7420, 7410, 7400, 7380
  • Potential resistance: 7450, 7460, 7480, 7500, 7520, 7540, 7560

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 12,620? or;
  2. Will the index rise towards highs of 12,955?

The DAX 30 has recovered from a test of support at 12550, however fails at 12620. Back to support?

Watch levels: Bullish 12630, Bearish 12590

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Downtrend
  • Potential support: 12535, 12560, 12580, 12590, 12600
  • Potential resistance: 12620, 12630, 12660, 12700, 12740

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 21,135? or;
  2. Will the index rise towards highs of 21,260?

Dow Jones Futures are also off lows of 21310, breaking out from resistance at overnight highs of 12355.

Watch levels: Bullish 21,370; Bearish 21,350

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 21340, 21330, 21320, 21310
  • Potential resistance: 21365, 21380, 21400, 21430, 21440, 21460, 21500

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 $1,236? or;
  2. Will Gold rise towards highs of $1,260?

Gold has fallen back after failing to overcome resistance at $1253.5.

Watch levels: Bullish $1255; Bearish $1249

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 1250, 1245, 1242, 1237
  • Potential resistance: 1253, 1255, 1258, 1260, 1265, 1270, 1275, 1285

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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