This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity markets on a downer following long weekend, with an interesting melange of banks (LLOY, BARC, RBS), Oil (BP, RDSb) and defensives (Pharma, Beverages, Tobacco, Utilities) weighing on the UK index, while Greek debt and Spanish political concerns weigh on continental bourses. UK Index trading back from recent highs, DAX volatile and Wall Street following UK Index lower on stronger USD as gains in Asia from Chinese optimism fail to follow through. Gold struggling with strong USD and trading back below $1200.
UK 100 trading back from April falling highs 7050 and broken below May rising lows 7020, scuppering the hoped-for breakout from a bullish ascending triangle pattern. This keeps the falling April trend in play, but with potential support at 6900.
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 displaying impressive volatility (200pt range already) as new week starts. The Weaker EUR benefiting exporters but Greek/Spanish uncertainty weighing. Last week’s breather at an end? Correction? Note long-term uptrend intact with support from 100-day MA.
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 broken back below 1-month intersecting support as fall-back from last week’s fresh all-time highs gathers pace. Friday’s US inflation data supportive of rate-hike, but other data still murky. Combined with EUR weakness, USD strength hurting.
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 fallen back from 3-month high hindered by strong USD. Broken below major moving averages. Support at 2-month rising lows $1190 to keep uptrend alive, or all the way back to early month lows $1180 to maintain sideways shift.
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