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Major Support & Resistance (pivot points – explained):
Pivot Point: 6648; Support 1, 2 & 3: 6630, 6610, 6592; Resistance 1, 2 & 3: 6668, 6686, 6706
No change to the correction from end-October – sorry, broken record – but now we have two hurdles to overcome, with both breached rising lows at 6670/6675 (being tested as we write) as well as the well-known falling highs from end-October at 6685.
Note that quiet markets today and tomorrow on account of the US Thanksgiving holiday may not help to deliver a breakout, but beware thinner volumes can lead to bigger moves.
We see the daily chart shows momentum peeping into positive territory, but the short-term chart already shows resistance at the top of the flag 2-days ago and the lows of 3 days ago (support/turned resistance).
There is still potential for the uptrend to resume, but evidence not strong enough yet. We still might have to wait for December. Our watch levels today are 6675/6685 resistance and 6630 support.
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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