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: 6856; Support 1, 2 & 3: 6815, 6779, 6737; Resistance 1, 2 & 3: 6891, 6933, 6969
A gas supply cut threat by Russia and global growth fears via weak US & EZ macro data brought the index back from its highs yesterday, preventing it get above 6900. The quest for all-time highs of 6950 and the top of the 10-month rising channel may have to wait. How long, depends on whether this is a true correction or just a pause in the climb.
Overnight resistance of 6860 is keeping a lid on any upward momentum and as we write we are testing yesterday’s lows of 6820. The break of 1-month rising support is a concern, but rising 3-month intersecting support still lurks at 6750 should further weakness emerge. A bit of risk off into the week-end isn’t unheard off, especially with the geopolitical risk than exists and gains of 400pts/6% in just a month. Watch for US data later as a catalyst for a move either way.
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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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