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Major Support & Resistance (pivot points – explained):
Pivot: 6587; Support: 6571, 6545, 6528; Resistance: 6614, 6660, 6657
Trend change, from sideways pause to relief rally. Overnight lows being tested by early doors profit taking as the index reaches a new 1-month high, but the level is holding. No breakdown from the rising wedge we had been concerned about last week is a healthy sign of risk appetite in spite of macro/geopolitical headwinds.
Positive reaction thanks to hawkish Summers withdrawing from Fed chair race, a US-Russia deal on Syria and the Bavarian election result. Traders still resigned to Fed tapering announcement this week, but relieved with potential for a slower pace of policy change from Jan via dovish frontrunner Yellen.
Short-term graphs show grind higher. Long-term graphs shows major breakout. Next major levels: resistance at 6665 overnight highs the those of early August at 6715; support at 6620/30 breakout (currently being tested), but intersecting trendline from early August lows may be helping; then 6605 breakout from last week’s range.
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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