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The UK Index this week – 10 May

This week the  UK 100  extended its pullback from 2019 highs. Déjà vu?  You’re not mistaken. I wrote the same last week. The index even broke below 7300 to test 7200, a level we are re-testing as I type.

Will this prove a mini-range which helps the index bottom out? Or is it merely a within the current sell-off, before yet another next leg lower?

Bulls need a break back above 7220 (lows of this morning) for another rally back to 7280 (current channel ceiling). An upside escape from this channel, and a break above 7300, could be just the evidence required of a bullish reversal towards 7500, the levels we traded but two weeks ago.

Bears, on the other hand, require only a breach of 7190 (support, channel floor) to open the door for a drop back to mid/late-March lows of 7159. Below that, we’re talking about March lows around 7082.

The outcome of the US-China trade talks this weekend could have a big effect on where the index opens on Monday.

Our watch levels: Bullish 7230, Bearish 7180

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Prepared by Michael van Dulken, Head of Research

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