This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities posting small losses this morning, giving up some of their recent defiance-inspired gains. This comes after lacklustre closes in the US and Asia, and the key commodity sector remaining under pressure from a strong USD ahead of Fed minutes which could pave the way for a rate rise next month. Along with an uncertain global growth outlook and raw material supply gluts after over-investment, and several more security alerts over the past 12 hours, sentiment is being kept in check following the strong recovery rally.
UK Index still sideways around 6250 after failure at 6280. Dax has double intersecting support around 10900. Wall St holding above 17450 after pullback from 17600. Gold made fresh 5.5yr lows of $1064 overnight.
Click below to expand sections.
UK 100 sideways around 6250, taking a pause after 4% recovery rally and following failures at 6280. Overnight lows 6227 holding up for now, but momentum cleraly waning. Potential for any break-down to be limited by 2-week intersecting trendline.
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
Germany’s DAX still wrestling with 4-month falling highs which saw it turn back at 10975. Potential short term support around 10880 but upside limited by significant hurdle. Beware a sharp retrace to 10600.
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
US Dow Jones futures holding up at 17450, however, potential for 2-day H&S top reversal to result in a breakdown towards 17300. Failure at 17600 highs last night maintains downtrend from early November.
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 made fresh 5yr lows yesterday after the USD strengthened further. Still in clear 3yr downtrend. For a short-term double-bottom reversal to succeed, a break above $1074 is required.
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
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.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research