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Major Support & Resistance (pivot points – explained):
Pivot Point: 6686; Support 1, 2 & 3: 6691, 6654, 6634; Resistance 1, 2 & 3: 6747, 6769, 6805
6700 is holding well, but we are keeping a close eye on waning momentum. We’d need to see a break below 6700 and 6660 before we turned bearish, while outright bullishness likely requires a break above the new recent high of 6735 (this replaced 6720 overnight) and the intersecting trendline from June’s low currently serving as resistance.
For now we remain cautiously optimistic of further gains noting that the aforementioned intersecting trendline is still rising and may merely serve to slow up rather than scupper the existing ascent, allowing the index to creep ever further towards its goal of May and even all-time highs, delivering a 10% gain from the Oct lows.
Note lots of macro data drivers today: German IFO surveys, UK GDP, US Durable Goods Orders, US Consumer Confidence. Plenty to both add to and detract from market sentiment as the week comes to a close.
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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