This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Global markets have opened weaker this morning after seeing all-time highs in the US, with the UK Index 100 closing at the highest level in 2 months. However with global tensions still dominating the headlines the markets have paused for a breather and evaluation. A big day on the marco data front could be the driving force for the markets today as traders try to decide whether today’s pull back is just a pause for breath or the beginning of a decline?
UK’s UK 100 has broken below the 3 week rising trend line this morning raising concerns that it could signal a pull back towards 6790. Global tensions have caused a pause for breath this morning, however if the break of the rising trend line is not sustained then the UK 100 could find itself trying once again to get up towards 6875.
Germany’s DAX found resistance at the 2 month falling trend line yesterday just above 9600. This morning has seen the DAX break two prior support levels with another at 9479 raising concerns that this fall could be more than just a pull back. However, the 3 week rising trend line is still in tact. A plethora of macro data could be the driver for any directional moves in the markets today.
The US Dow Jones has stuttered a bit since hitting a new all-time high. The 3 week rising trend line, which is still in tact, is coming into play as the DOW approaches this level (17064) we look to see if it will hold out as support. A break below this could signal a move back below 17000. A raft of data from the US this afternoon could play its part in determining the direction of these markets today.
Click below to view graphs.
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
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
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