This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
European equities starting the week on the back foot, with another leg down for commodities as the USD continues to creep north and continued terror threats in Europe sap some of the equity resilience seen into Friday’s close. Markets still optimistic about more ECB stimulus next week and confident that a pre-Christmas US rate hike will not derail already fragile global growth, but possibly regarding the recent bounce (6.1% for the FSTE) as having gone too far too fast. Even the healthcare sector is failing to benefit from a $150bn Pfizer-Allergan tie-up, with Pfizer as one of the biggest predator candidates now otherwise engaged.
UK Index trying to recover from a break below 6300 and November intersecting trend-line. DAX back from highs, but holding above 11035. Wall St found resistance at July falling highs 17900. Gold off its $1065 lows, but still facing falling resistance at $1085.
Click below to expand sections.
UK 100 off its highs of last week with correction seeing it break below November intersecting trend-line. However, as we write the bulls are trying to engineer a recovery break back higher. If it succeeds, the key will be whether the level reverts to support.
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 also back from last-week’s highs, but found support at Thurs/Fri lows 11050. Still in uptrend from August/Sept lows. Still trying to get above 200-day MA. While we may have broken above April falling highs, further resistance could be found at Mar 11200 via intersecting trend-line from March highs.
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 breached last week’s rising support, found resistance at June falling highs 17900 and the RSI is turning down from overbought.
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 found support at a higher level to give trend of rising lows, but still facing a major downtrend with multiple resistance to the upside.
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