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FTSE 100 Focus - 13 June 2018
The FTSE is higher thanks to a weaker GBP, after UK headline inflation was slightly softer than expected (annual pace didn’t pick up; core unchanged), taking the pressure off the Bank of England to raise interest rates, and house price growth hit a 13-month low. USD also off its highs ahead of tonight’s Fed update, however, buoying metals and oil, but failing to help FTSE Miners and Energy; metals still sensitive to trade war concerns and oil to the threat of OPEC easing production cuts.
Contributors: FTSE100 +40pts, with the biggest contributors being GLEN (DRC legal settlement), HSBA (heavyweight, Asia exposure, momentum), BATS/IMB/DGE/RB (weaker GBP), WPP (AGM trading update), AZN (rebound after drug failure), IAG (breakout), GSK (momentum). Limited drag from JE (Deliveroo stepping up competition) and VOD.
Technicals: The FTSE100 has rebounded from 7677, returning to the upper half of a 3-week range which may be narrowing bullishly thanks to rising lows.
Click below to expand sections for more detailed analysis
- Will the index fall towards lows of 7593 (-148pts) ? or;
- Will the index rise towards highs of 7903 (+162pts)?
The FTSE100 has rebounded from 7677, returning to the upper half of a 3-week range which may be narrowing bullishly thanks to rising lows.
Watch levels: Bullish 7750, Bearish 7730
Solid Green line
Solid Red line
- Trend: Sideways, Uptrend
- Potential support: 7720, 7710, 7690, 7675, 7660, 7640
- Potential resistance: 7745, 7770, 7800, 7815, 7835, 7875, 7900
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Prepared by Michael van Dulken, Head of Research