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Major Support & Resistance (pivot points – explained):
Pivot: 6523; Support: 6470, 6433, 6380; Resistance: 6560, 6612, 6650
Month-end often sees profit-taking. But when you add the prospect of the US government being forced into at least a partial shutdown without a budget agreement while economic signals remain mixed, the US debt ceiling about to be revisited and the future of easy US monetary policy uncertain, sentiment takes a knock.
And that’s just on that side of the pond. When Italy’s ruling coalition is at risk and the quasi-Eurozone leader Germany is yet to form its own, politics are the dominant theme, and could well remain so for at least a few weeks with the US facing of headwind after another.
The UK 100 has broken below several key levels, notably the 6,500 around which it has traded for the last 3 months. The breakdown also confirms a third peak since May and reinforces falling resistance. Support needed before/at 6350 to give the uptrend a chance of revival.
Off its worst levels of the morning, there is support at overnight lows 6,430. Thereafter its early Sept lows of 6423 and 6,390. Hurdles ahead would be Friday’s low 6485, then the mid-Friday breakdown and sell-off 6530, then 1-week falling highs around 6570.
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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