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Major Support & Resistance (pivot points – explained):
Pivot Point: 6684; Support 1, 2 & 3: 6654, 6630, 6602; Resistance 1, 2 & 3: 6708, 6737, 6761
More progress from Friday’s lows but not enough to get excited about without a decisive break beyond falling highs at 6700 and 6713 recent highs. News of a deal on Iran’s Nuclear capabilities is good, but not enough to counter market fears of Fed QE3 tapering being delivered just before Christmas festivities really get going and questions over the Eurozone’s recovery.
The UK index’s correction is thus still in motion, although we note a bottoming out around 6650 on the daily chart, as well as the momentum indicator pointing back north again – even if it is still negative. For now, we assume correction pressure persists, however, position ourselves for latching on to any upside break which, with December closing in fast and the festive statistics in its favour, could well materialise.
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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