This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot Point: 6553; Support 1, 2 & 3: 6520, 6468, 6435; Resistance 1, 2 & 3: 6604, 6638, 6690
Yesterday saw support emerge at 6500 which kept the long-term uptrend alive. The regain of 6550 was also a welcome sight for those nursing losses from the recent sell-off, helped EU/US equities recovering slightly. However, before we can look back to recent highs, our next target appears another round number – 6600 – and already proving a hurdle during this morning’s post-open spike.
While geopolitics and growth concerns remain (US/Europe/China) focus remains on results season. After Citigroup’s better than consensus Q1 profit yesterday made up for JPMorgan’s lower trading revenue inspired miss late last week, amid this shortened holiday week we caution against having all Easter eggs in one basket with big guns BoA, Goldman Sachs and Morgan Stanley still to report (Weds & Thurs). If they can please investors, helped by recent IPO activity and market volatility, financials could help reignite positive sentiment, but remember trading revenues (where JPM fell) are still pretty important for them too.
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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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