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high and then
Major Support & Resistance (pivot points – explained):
Pivot Point: 6728; Support 1, 2 & 3: 6704, 6674, 6651; Resistance 1, 2 & 3: 6758, 6781, 6811
The narrow trading range from the low-volume festive period continues. Regular readers will know how tend to highlight this as having potential to concentrate energy and result in an explosive break. The direction (up or down?), however, is always the unknown, but we still expect the sideways move to represent a pause before a resumption of the longer-term uptrend. This is thanks to 6700 holding up while daily momentum drops back, and we note bullish 2014 UK Index index forecasts from city brokers which are sure to fill the media as publication levels return to full flow.
European PMI services data this morning have taken the indices only marginally lower after a muted start on account of the China disappointment. Note later today we have US ISM Non-Manufacturing and Factory Orders which will be watched closely given the decision of the Fed to begin tapering QE3 this month and the all-important Non-farm Payrolls on Friday. Prepare for plenty more global data-watching in 2014.
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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