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: 6682; Support 1, 2 & 3: 6664, 6641, 6622; Resistance 1, 2 & 3: 6705, 6724, 6747
The test of 6700 continues, suggesting strong appetite for a break higher. US corporate results have been one of the helping hands and with plenty more to come they could be the driver for the next step too. Even disappointing US New Home Sales data isn’t enough to overshadow Apple’s news that iPhone sales defied expectations of a slowdown.
A breakout at 6700 could open the door for a return to highs of mid-February (also Jan and last May) at 6875. If it proves too much of a hurdle, however, we note support at 6645 (and of course 6600) should a pull-back be needed for a breather before another attempt. Beware loss of momentum on daily chart. Note also RSI overbought on 3-month chart, but with recent activity confined to upper half (bullish).
Click below to view graphs
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research