21st Jul 2021. 7.47am
Morning Report – Wednesday 21st July
FTSE to open at 6,894 (+13 pts)
Yesterday’s price action saw the markets take a brief respite from their flight-to-safety sell-off with Wall Street rallying and bond prices falling (yields rising) for the first time in five sessions.
However, overnight in Asia shares have resumed the sell-off with Hong Kong’s Hang Seng index trading back near six-month lows, and the safe haven currencies Japanese yen and U.S. dollar strengthening.
|S&P 500||+1.52%||Bullish for UK stocks|
|Hang Seng||-0.64%||Bearish for UK stocks|
|Gold||+0.12%||Neutral for UK stocks|
|AUD/JPY||-0.42%||Bearish for UK stocks|
|US 10yr Yield||+2.76%||Bullish for UK stocks|
The FTSE put in a small bounce from the key support area at 6,800 during yesterday’s session.
It’s also worth noting that yesterday’s trading range was contained within Monday’s range – forming an ‘inside day’ consolidation pattern.
Due to the strength of the recent sell-off and the inside day pattern, we would expect at least another retest of the support area in the coming sessions.
|Rtc Grp. (RTC)|
|Royal Mail (RMG)|
|Advanced Medical Solutions Group (AMS)|
Don’t have a Regency account yet?
Start receiving our actionable Market Alerts and Analysis with real-time email and SMS alerts throughout your trading day. Simply click below to create your account for free.Create Account
Any Questions? Please feel free to call 0203 973 8007 or email us at firstname.lastname@example.org
This research is prepared for general information only and should not be construed as any form of investment advice.