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UK 100 Focus - 24 April 2018

The UK’s UK Index index trades off its highs, but holds above 7405 to maintain an uptrend dating back to 17 April. On the whole, Miners are positive in response to higher metals  (and oil) prices as the USD rally stalls, trade war fears ease and Trump hints at a sanctions reprieve for aluminium giant Rusal. GBP found support to remove the catalyst of the last few days after mixed data and commentary from the BoE reduced the probability of a May UK rate hike. Optimism still surrounding earnings season, even if we have had some pockets of disappointment (Santander in UK, Alphabet costs).

Contributors: UK 100  +25pts thanks to SHP (BBG reports of higher Takeda bid), BP/RDSb (oil at highs), ULVR/DGE (defensive rebound), BHP (Copper prices off lows), HSBC (pre-results optimism, Asia exposure), BAE (breakout, broker upgrade). Resistance from VOD (profit taking, 100-day MA resistance) and AZN (drug trial news).

Technicals:  UK 100  holds above 5-day rising lows support at 7405 which keeps alive the possibility of further gains (8.4% already from March lows) to retrace the Jan/Feb’s correction from 7800 record highs.

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards 6850? or;
  2. Will the index rise towards highs of 7800?

The UK Index 100 holds above 5-day rising lows support at 7405 which keeps alive the possibility of further gains (8.4% already from March lows) to retrace the Jan/Feb’s correction from 7800 record highs.

Watch levels: Bullish 7440, Bearish 7400

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend, breakout
  • Potential support: 7405, 7380, 7355, 7340, 7320, 7300,
  • Potential resistance: 7420, 7425, 7435, 7445, 7480, 7500

Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.

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