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Major Support & Resistance (pivot points – explained):
Pivot Point: 6805; Support 1, 2 & 3: 6793, 6771, 6759; Resistance 1, 2 & 3: 6827, 6839, 6861
6800 has been reached and served as support this morning. A good sign for the bulls, helped by Q1 profits from RBS beating expectations and more positive M&A news on PFE/AZN but in an otherwise muted market as investors take a breather after recent gains and await the US jobs report this afternoon before deciding on their next move (consensus expecting +215K job adds, the most since Nov, and US unemployment down to Feb lows of 6.6%, the lowest since Dec ‘08).
We note 6818 still servicing as resistance which may limit the range for the next few hours. 6875 highs of late-Feb nonetheless remain our next target and hurdle, with support at 6800, 6770 and 6720 for any pullback. As we approach week-end, however, keep watch on daily momentum which has topped out (coinciding with breather after recent gains, a flare up in Ukraine, US/RU rhetoric on oil threats) even if the hourly chart shows RSI bullishly holding in upper half.
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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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