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Major Support & Resistance (pivot points – explained):
Pivot Point: 6726; Support 1, 2 & 3: 6705, 6681, 6660; Resistance 1, 2 & 3: 6750, 6771, 6795
The UK 100 is in a narrow 6705-6740 range, constricted by quiet European and US public holiday sessions yesterday. While we’ve been sideways since late last week, we also sit within a downtrend from late October which still see as having potential to be a correction with a longer uptrend (too May/all-time highs). The support at 6705 yesterday, as well as the test of 6740 bode well, but falling highs at 6755 do need to be beaten. Can 6705 hold again?
US data and taper talk still dominating, but markets coming round to thinking that positive data is at last good data, signalling economic recovery which would be conducive of tapering of the Fed stimulus that markets have become rather attached to. Hence the bullish bias persists with US markets still pushing all-time highs.
A slightly more lively line-up of data, with UK inflation and a couple of more US prints which could add/remove weight to the taper on/off argument. Watch Levels still 6705 and 6740, the 6755.
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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