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Financials Testing Key Resistance at 366.80

EMERGING MARKETS
  • The surge in ST rates in EM world continues to support cyclical stocks such as financials , which keep reaching new highs this month.
  • MSCI Financials index (MXEF0FN) is currently testing a key resistance at 366.80, which corresponds to the high reached before the Covid19 shock.
  • A break above that level would bring us to May 2018 highs.
  • Next resistance to watch on the topside stands at 380.80.
  • On the downside, support to watch stands at 358.10, followed by 345.

Source: Bloomberg

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