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Major Support & Resistance (pivot points – explained):
Pivot Point: 6781; Support 1, 2 & 3: 6759, 6721, 6698; Resistance 1, 2 & 3: 6819, 6842, 6879
The UK 100 has made it to the 6800 round number mark helped by a Fed statement and continued taper which maintained confidence in the US recovery following a weak GDP report. An overnight China Manufacturing PMI improvement has also helped, even if it did miss expectations.
Assuming overnight highs of 6805 can be overcome we still look to 6875 as the next hurdle, taking the recovery from lows of 6500 to 5.7%. With things more calm in Ukraine, this could help. Support now at the intersecting trendline we spoke of last time at 6720-6730 and the 6770 lows of yesterday afternoon. Keep an eye on daily momentum topping out, although the hourly chart show RSI in upper half which is bullish.
After a positive reaction to LLOY Q1 results this morning, can fellow bailed out peer RBS deliver tomorrow to help close the week on a high? Will US Manufacturing data help out today, or must we wait for the US Non-Farm Payrolls tomorrow?
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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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