The UK stock market appears to have been the largest beneficiary of the comments made by Jacob Rees-Mogg, one of the most influential Brexiteers, hinting that he would be willing to back Theresa May’s proposal. In particular, the chairman of the European Research Group of euroskeptics in the UK Parliament suggested that a bad deal was better than staying in the European Union.
Technically, the UK100 appears to have been rising since the 11th of March, breaking through the 7145 level (Fib. 61.8%) and the key 7260 level, currently trading close to the psychological 7300 Resistance level. If Resistance is broken, the next key level would be at 7400, while the current Support is at 7260.
Indicators appear to be offering mixed signals, with the MACD recording ongoing strength, while Stochastics and the RSI are currently in the overbought area.
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Dr Nektarios Michail
Market Analyst
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