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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 – 31 May

The  UK 100  is holding above 7130 twin support (horizontal, shallow rising) but remains in a falling channel from 7373 highs. Drivers of the decline since mid-month are US-China trade dispute (and now US-Mexico) and increased appetite for bonds rather than equities.

After a 3% sell-off, however, has the correction run its course? Are we primed for a bounce? Could the combination of a new week and month bring us good news next week? Or are we set to keep trending lower?

Bulls need a break above 7230 to escape said channel and boost confidence in a return to towards 7373 (3% upside).

Bears require a breach of 7130 to extend the current down-channel towards a a revisit of 7000 (2.4% downside).

Our watch levels: Bullish 7300, Bearish 7255

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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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