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Major Support & Resistance (pivot points – explained):
Pivot: 6583; Support: 6561, 6526, 6504; Resistance: 6618, 6640, 6675
An increasing chance of a diplomatic solution in Syria and a delay in the US Congressional vote on military intervention have significantly eased geopolitical tensions, however, after equities rallied to 3-week highs, they have failed to make any headway at the 6600 hurdle, last traded almost 1-month ago and are giving back some recent gains.
Possible that attention now reverts to the other market bugbear – potential Fed tapering of its bond buying programme – next week, especially with yields having risen to levels which could hinder financing/refinancing and after the ECB‘s Asmussen yesterday suggested September still too early and withdrawal must be careful and orderly to avoid a panic, but that ECB would remain ready to act if things deteriorate.
Levels to be aware of are the base of the rising channel since 4 Sept which could be supportive at 6570, and see another visit of 6600. However, said channel could also be compared to a rising wedge from which a break below would be bearish, potentially taking the index back towards 6500. Much resistance 6600-6630, with mid-August highs and falling trendline from May still to contend with.
UK unemployment data in 15 mins. Help or hindrance for BoE governor Carney?
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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