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Major Support & Resistance (pivot points – explained):
Pivot Point: 6706; Support 1, 2 & 3: 6672, 6607, 6573; Resistance 1, 2 & 3: 6770, 6804, 6869
The UK 100 is back at the 6705 level it broke up above on Friday. The opening call was for a more positive start after the bullish US/Asian finish benefiting from US jobs data being seen as a sign of economic recovery rather than a Qe3 killer. However some uncertainty has set in and daily momentum is still flirting with breakeven after recent declines.
While we had hoped that Friday’s bounce signalled an end to a correction within the October/November rally, before the uptrend resumed, we are now not so sure and remain cautious. Falling highs from late October at 6760 need to be exceeded to counter the corrective phase. Some support after the recent bounce would also provide evidence of a bullish revival.
A light data slate on account of US and European holidays. Watch levels are 6700 and 6740. Back in a narrow range. Note pivot point right where we are trading – 6706.
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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