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Major Support & Resistance (pivot points – explained):
Pivot: 6484; Support: 6458, 6425, 6399; Resistance: 6516, 6543, 6575
Last week’s taper tantrum correction and breakdown from a bearish rising wedge pattern found some support at 6450, however, the bounce and subsequent loss of momentum does lead us to question whether the downtrend from mid-July still has legs – the 1 week graph’s falling highs are quite steep.
On the flip-side, the 200-day MA still offers potential support around the 6400 level which has been both support and resistance since April, taking us back to early July lows, and could provide a platform for another rally to 6590 falling highs and then 6650 where there is a trio of resistance. Thereafter, bulls still looking to summer highs of 6715.
Thin summer volumes still making things difficult. Eurozone PMI Manufacturing and Services data on Thursday and Germany and UK GDP on Friday (especially the UK Services component) could spice things up amid an otherwise relatively quiet. US Housing and Jobless Claims still the likely drivers of more taper fears.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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