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Market Outlook: Seven months of serious investment in UK tech

Already double last year’s tally
August 21, 2019

Data released today by Tech Nation and Dealroom shows that in the first 7 months of 2019 British-based technology companies have attracted inward investment of £5.5 billion, more than was funnelled during the whole of 2018. Most of the money came from Asia and the US and at this rate is on target to beat 2017’s record $9.4 billion. Culture secretary Nicky Morgan says, the figures ‘’endorse our reputation as one of the best places in the world to start and grow a digital business’’.

Yesterday afternoon in the Italian Senate Italy’s umpteenth Prime Minister officially tendered his resignation because Lega leader Matteo Salvini called for a vote of no confidence in the current government because he could no longer work with coalition partner 5-Star. In a blistering speech attacking Salvini – whose popularity in the polls has soared since last year’s election – the PM was joined by former premier Matteo Renzi. Now the Italian President, Sergio Mattarella can either try and form a new coalition among existing parties or call for a general election.

DAX 30

Retreating just a little from 38 per cent Fibonacci retracement resistance and the descending trend line, keeping momentum neutral.

 

SHORT TERM TRADER: Short at 11645; stop above 11865. Next target 11200.

 

POSITION TAKER:  Short at 11835; stop well above 11865. First target 11000.

FTSE 100

A fairly big shooting star candle yesterday has turned momentum bearish.

 

SHORT TERM TRADER:   New little short at 7145; stop above 7300. Target 6850.

 

POSITION TAKER:  Short at 7570; stop above 7325. Target 7000, maybe 6865.

S&P 500

Retreating a little yesterday from Fibonacci 61 per cent retracement resistance.

 

SHORT: New little short at 2910; stop above 2970. Target 2820.

 

POSITION TAKER:   Short at 2915; stop above 2970. First target 2820.

BRITISH POUND/US DOLLAR

A tiny little hammer yesterday adds fractionally to the bullish stance of the MACD. Boris is off to dinner tonight with Angela Merkel after the swift rebuttal by Donald Tusk this week on the Irish backstop.

 

SHORT TERM TRADER:  New little long at 1.2135; stop below 1.2000. Target 1.2400.

 

POSITION TAKER:  Square.

EURO/US DOLLAR

Everything is just so inconclusive about this chart.  

 

SHORT TERM TRADER:  Small long at 1.1165; stop below 1.1060. Target 1.1340.

 

POSITION TAKER:  Square.

GOLD

Momentum now zero as we hover at the psychological 1500 area.

                            

SHORT TERM TRADER:  Small short at 1500; stop above 1535. Target 1440.

 

POSITION TAKER:  Square.

Nicole Elliott is a long-standing member and Fellow of the Society of Technical Analysts and has taken over the IC’s trading coverage.  She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.