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Major Support & Resistance (pivot points – explained):
Pivot Point: 6726; Support 1, 2 & 3: 6701, 6678, 6653; Resistance 1, 2 & 3: 6749, 6774, 6797
As we said yesterday, while the index ekes out more gains we remain cautiously optimistic. We can’t see Wednesday’s the message from the Fed being anything to derail the current easy–money-fuelled rally. For that reason we embrace the market desire to push higher on both sides of the Atlantic, although we keep an eye on momentum on longer-term charts.
Today we see the UK index regain 6750, helped by heavyweights BP (Q3 beat and dividend hike), RDSb (helped by BP beat) and HSBA (added to Goldman Sachs’ conviction buy list) which are adding 25pts. This is offsetting weakness in the banking sector with LLOY (disappointing with more PPI) RBS (fellow government-rescued name) and STAN (Q3 was tough) all holding the index back by 8pts.
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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