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The G7 meeting at the weekend spotlighted a growing rift between the US and its key allies, with German chancellor Angela Merkel saying that Europe can no longer completely rely on the US and UK. GBP is on the back foot due to the tightening of opinion polls in the run-up to the June 8 election.
Medium term
Trade view / 24 June 2016 at 9:03 GMT

Some key equity levels, post-Brexit

Director / PIA First
United Kingdom
Instrument: US500.I
Price target:
Market price:
Background

Dax (GER30.i): The Dax market remains entrenched in a large bearish channel with resistance remaining solid and unchallenged despite this weeks sustained rally. Overnight, equity markets have capitulated lower trading to levels not seen since end-February 2016 and looks very likely to continue further with bearish momentum evident. 

Target levels come in the form of triangle support at 8,750 and the bottom of the bearish channel at 8,000.

brexdax

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Source: Saxo Bank 

FTSE (UK100.i): The FTSE also looks very likely to form a bearish outside weekly candle although we still have the rest of the day for markets to post a bigger recovery (trading around 9% lower earlier this morning). 

Resistance has held and provides a much bigger hurdle after rejection from here. We highlight the February low and horizontal support (5,500), the 161.8% Fibonacci (4,952) and the AB=CD formation target (4,800).

brexftse
Source: Saxo Bank 
 
S&P500 (US500.i): The US equity markets remain in a sideways channel with the S&P 500 ranging between the 1,800 and 2,100 areas. Recent weeks have produced a negative period of consolidation and the overnight move looks also to be producing a bearish outside candle. 

Furthermore, if prices remain pressured, a lower close next week would result in a bearish outside candle on the monthly chart! This should result in further downside towards the bottom of the range with tentative support at 1,900-1,925.

brexsp
Source: Saxo Bank 
 
— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more
24 June
Jeff Carnes Jeff Carnes
Thank you for your insights Steve. RBS and BCS are two of the bigger ones that I have been following recently. They are both getting slammed as expected from the Brexit. I'm currently of the thought that there is a dramatic overreaction so there are many opportunities out there at the moment.
24 June
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
I agree, there was an overreaction this morning and a partial correction has ensued. There are plenty of opportunities out there and its a case of finding the individual stocks that should out-perform the Indices on a relative basis. I will be looking to publish some new style individual stock ideas next week. Until then, happy trading!

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