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Major Support & Resistance (pivot points – explained):
Pivot Point: 6686; Support 1, 2 & 3: 6651, 6613, 6579; Resistance 1, 2 & 3: 6723, 6758, 6795
Having regained Jul/Aug highs yesterday we have pared some of the gains and fallen back to September highs. With a taper delay seemingly baked in and renewed doubts over China, is that it? Is the 6.5% rally from October over? Or is this the early days of a breather via a small sell-off and/or sideways move?
To be fair, the run-up has been quick – just 3 weeks. We’ve not had one this steep in a while and note that the 10% gains in Apr/May and Jun/Jul both culminated in sell-offs. Maybe a retrace to the recent breakout 6585 (-2% from recent highs) will suffice. Maybe this is just part of a full 10% rally from October lows (6305), before a revisit of 1999 highs (6930).
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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