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Major Support & Resistance (pivot points – explained):
Pivot Point: 6732; Support 1, 2 & 3: 6708, 6690, 6667; Resistance 1, 2 & 3: 6748, 6771, 6788
Long-term the pause in the uptrend continues into the New Year, and we continue to oscillate around 6730, not helped by some waiting the policy updates from the BoE and ECB as well as more details on the Fed’s decision to start tapering back QE3 stimulus from January in the minutes form the December meeting.
The index is relatively unmoved and in the middle of yesterday’s range. Break levels being watched are 6740 and 6755 to the upside, and 6715 and 6695 the downside.
We are still monitoring the falling daily momentum which, should it go negative and revisit prior support, could pull the index back below 6695 and closer to 6600. The 3-month hourly RSI the also shows continued falling resistance while the index moves sideways. Need it get all the way to oversold before an index rebound?
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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