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Major Support & Resistance (pivot points – explained):
Pivot Point: 6802; Support 1, 2 & 3: 6770, 6751, 6719; Resistance 1, 2 & 3: 6821, 6853, 6873
Equities have fallen back from their highs as we had feared with OECD cutting global growth estimates, increasing chance of civil war in Ukraine, corporate disappointments from the likes of Twitter, an abundance of disappointing data overnight – all coinciding with a general loss of momentum after a 5.2% rally. Note Alibaba’s filing of what could be the biggest IPO in history. Good or bad timing with tech jitters creeping back in?
Support looks to have kicked in at 6770 (May horizontal, April rising) which could help with a bounce, but we still wonder whether 6720/6740 is a more realistic destination for investors to take stock of market happenings and direction. Daily momentum still in decline and 3-month hourly RSI not reached oversold yet.
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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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