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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 – 14 June

The  UK 100  has pulled back from its 7420 6-week highs, consolidating its 4.8% bounce from recent 7080 lows. This puts it in a shorter-term falling channel, one which bulls will hope proves a bullish flag that sends it 4.8% higher, to challenge – perhaps even exceed – April’s 7528 peak.

Nonetheless, watch for that intersecting upward sloping trendline, which could prove a technical hurdle. Trade tensions and geopolitics in the oil universe could also influence the UK Index ‘s open come Monday morning. Don’t forget its impact on the Mining space and higher oil prices pressure on input costs for consumers.

Bulls need a break above 7380 falling highs to escape the channel and confirm a bullish flag towards 7530 (+2.5%).

Bears require a breach of 7320 to exit the channel to the downside, extending the reversal towards 7191 (-2%).

Our watch levels: Bullish 7380, Bearish 7320

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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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