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Major Support & Resistance (pivot points – explained):
Pivot: 6462; Support: 6422, 6372, 6331; Resistance: 6513, 6553, 660
Fragility of sentiment evident with relief rally on a UK no-vote on military intervention in Syria followed by quick turn back this morning from 6500 as focus moves to the possibility of the US going it alone and Fed being forced into tapering on account of much stronger than expected US GDP.
Another revisit of 6500 failed to trouble the trendline of falling highs from the beginning of the month meaning downtrend still intact, evident via a retest of yesterday’s 6450 equity trading-hours lows. The longer-term graph also shows momentum failing to regain positive territory. Help from Vodafone may have run its course although the heavyweight is one of 15 stocks in the green. Support still likely around 6420.
With Geopolitical tensions still simmering after a tough month-end week and focus shifting from Fed tapering, note that the weekend may still provide much important news and decisions with weapons inspectors leaving Syria on Saturday. While today may be calmer, Monday could well be see the return of volatility even if US on holiday (Labor day).
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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