Outlook on FTSE 100, DAX 40 and CAC 40 as the UK Labour party ousts the Conservatives after 14 years in power.
is in the process of breaking through its May-to-July downtrend line at 8,270 while gunning for its 8,314 late June high as the UK Labour party ousts the Conservatives after 14 years in power. Further up lies the 8,364 early June peak.
Minor support below the breached downtrend line can be seen along the 55-day simple moving average at 8,251 and last Friday’s 8,239 high.’s swift rally over the past few days has taken it to its May-to-July downtrend line at 18,575 which may be a short-term cap. If overcome, the 12 June high at 18,654 would be back in the picture, as well as the 18,786 to 18,935 May to June peaks.
While the 200-day simple moving average at 7,647 underpins, the 7,725 high remains in sight, a daily chart close above which would confirm a double bottom chart formation that should take the index at the very least back to its 7,852 April low.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
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