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Major Support & Resistance (pivot points – explained):
Pivot Point: 6741; Support 1, 2 & 3: 6723, 6695, 6677; Resistance 1, 2 & 3: 6769, 6787, 6815
The UK 100 has taken up the baton from the US markets’ higher finish on Friday, with the UK Index opening around 20 point higher this morning (now up 40). Sentiment in the European markets got off to a positive start after Fitch revised Spain’s outlook to stable from negative. China’s October services PMI also added to the positive start after rising to 56.3 from 55.4 which is the highest it been in some 14 months and giving the UK 100 heavily weighted mining sector a boost.
With a raft of macro data due this week, including US Q3 GDP and Friday’s non-farm payrolls the market could be looking for some direction in the build-up. There are lots of UK listed firms reporting this week which could give direction to the UK Index based on the results.
On the upside we could see potential resistance at 6769 and at 6787, should these levels be broken then a move towards 6800 and 6815 would be possible. On the downside support may be seen at 6741, 6723 and 6700.
However, with very little in the way of macro data due out today the UK Index could find itself wondering where to go until US markets begin trading.
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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