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21st Jul 2021. 7.47am

Regency View:

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
Regency Risk Barometer Snapshot

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.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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Disclaimer:

This research is prepared for general information only and should not be construed as any form of investment advice.