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The UK Index this week – 1 Mar

The UK 100  remains in a short-term falling channel, closer to the bottom than the top of a longer-term post-Christmas 6975-7350 rising channel.

This week’s 7040 low equates to a 3% pullback from recent 7260 highs, consolidating the 11% rise from December’s 2018 lows of 6600. However, it has yet to revisit the channel floor at 7000, meaning another 100pt down-leg could be necessary before a genuine bounce to reignite the 2-month uptrend.

Bulls need a break above today’s highs of 7135 to overcome 2-week falling highs. Bears require a breach of today’s 7095 lows to kick off another down-leg towards multi-month rising support at 7000.

Our watch levels: Bullish 7135, Bearish 7095

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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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