Half-time breakout hat-trick

Half-time breakout hat-trick

Mike van Dulken, Head of Research at Accendo Markets commented to clients this morning:

Equities are nicely positive at half-time with all three of our indices in the midst of potentially attractive bullish breakouts that could open the door for a return to recent record highs. The FTSE is helped by an oil price rebound, gains for healthcare (AZN & GSK bounces from 2017 rising support), financials (hawkish hopes) and miners (buoyant commodity prices), as well as a GBP near July lows, flattering internationals, after dovish BoE comment. The Dax outperforms with a boost from EUR/USD coming off its highs, gains for Adidas (Amazon prime), Infineon, Autos and Utilities (broker technicals). The Dow has overcome July falling highs. The FTSE 100 has broken out to test 7400 with potential for a bullish triple bottom reversal to 7480.  The DAX 30 has broken back above 12500 to overcome twin resistance. Dow Jones Futures have broken out from a bullish pennant that could usher the index to fresh record highs. Gold is off its worst, levels, but still in a strong downtrend.”

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