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Major Support & Resistance (pivot points – explained):
Pivot Point: 6809; Support 1, 2 & 3: 6791, 6761, 6742; Resistance 1, 2 & 3: 6839, 6858, 6888
After strong UK Retail Sales data helped the index find a floor yesterday, dovish Fed FOMC minutes and better than expected China HSBC PMI Manufacturing have helped the trend continue overnight. Eurozone PMI data has been mixed so far, but this hasn’t derailed the UK index which is being helped by a mix of risk (RIO, GLEN, BLT), AAL, BARC, STAN) and defensives (SAB, BATS, DGE).
The bounce at 6770 and subsequent break above the trendline of falling highs from 15 May is good to see and opens up the possibility for a revisit of 6897 recent highs keeping the uptrend alive. Daily momentum found support at neutral. Note 6850 has yet to be tested and poor/mixed data could be an excuse for it to remain such. Hourly RSI suggests overbought. Support at 6820 trendline then 6770 lows.
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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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