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Major Support & Resistance (pivot points – explained):
Pivot Point: 6810; Support 1, 2 & 3: 6789, 6757, 6738; Resistance 1, 2 & 3: 6840, 6860, 6892
Holiday weakness took index back below 6800 yesterday after Chinese Manufacturing data missed, however, US data, hot on the heels of Friday’s Jobs report which revived optimism and saw us bounce off 6780, offering support for any further pullback. 6800 also has potential to hold up this morning with Eurozone PM Services pleasing traders so far.
Big names dragging us lower this morning with the likes of Barclays Q1 adjusted profits missing expectations despite the recent ‘heads-up’ profits warning, AstraZeneca despite FDA drug approval and so more likely in the wake of last week’s revised bid rebuff and some big name investors against the idea of a tie-up. Miners Rio Tinto and BHP Billiton are down after selling in Australia and playing catch-up on the weak China manufacturing print.
As much as we continue to note the appetite to push higher, the drop in momentum on the daily chart and the RSI correcting from overbought on the 3-month hourly are warning signs that the 5% rally from 6500 may need a breather. Rising support at 6740 could be a candidate for the bounce.
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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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