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This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.

The UK Index this week – 1 Feb

The UK 100  is back trading the upper half of a 5-week bullish rising channel, having rebounded from recent 6750 lows to flirt with the psychologically significant 7000 level.

Sterling weakness due to ongoing Brexit uncertainty and stronger than expected US January jobs report are both helping nudge the blue-chip index higher. Today’s index helpers are a curious mix of resource stocks (oil & miners) and non-cyclical defensive names (tobacco, utilities, consumer staples), suggesting neither outright risk-on, nor risk-off among traders. Cautiously optimistic?

Bulls need a break above 7033 Oct-Dec falling highs to solidify their presense above 7000. Bears require a break below today’s 6970 lows for another leg back toward rising support toward 6800.

Our watch levels: Bullish 7020, Bearish 6970

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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.


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Prepared by Michael van Dulken, Head of Research

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