This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot Point: 6758; Support 1, 2 & 3: 6729, 6686, 6657; Resistance 1, 2 & 3: 6801, 6830, 6873
Cautious optimism has proved fruitful, with the test of 6800 and break above the intersecting trendline from June lows opening up the possibility of upside to May highs of 6875, just shy of the UK 100 all-time highs of 6950 which would equate to a full 10% rally from October lows. Note our pivot point is now above 2007 pre-crisis highs, and Resistance level 3 at May highs.
We, like the markets, expect the Fed’s message to be one of taper delay with data still too soft and government shutdown impacting Q4. We are, however, prepared for some form of expectations management, especially with US bourses trading all-time highs. Maybe suggestions of Q1 2014, reining in some of the recent market exuberance based on hopes (similar to ours) of a delay until Q2?
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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