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Major Support & Resistance (pivot points – explained):
Pivot: 6419; Support: 6393, 6364, 6338; Resistance: 6447, 6470, 650
Sentiment boosted late yesterday by reduced threat of imminent military action in Syria while this morning mega M&A back on the cards with Vodafone saying it is back in talks about selling its 45% stake in its US joint-venture Verizon Wireless to partner Verizon.
The index is testing the trendline of falling highs from mid-month at 6475 and could go on to threaten the resistance line over the falling highs from the beginning of the month just above 6500. Note however the significant influence of heavyweight VOD (5.15% of index, adding around 30pts of the +40pts today) and talks on a JV sale have been on-going for a long time and come to nothing before.
While still in a downtrend (visible on all but the shortest term graph) falling lows slowed up around 6400, with rising lows since, which indicates appetite for an up-move following the recent correction even if it has to contend with geopolitical tensions. Long-term graph shows momentum back to positive after a break of falling highs. Watch for break of 6500.
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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