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Major Support & Resistance (pivot points – explained):
Pivot: 6627; Support: 6568, 6529, 6469; Resistance: 6667, 6727, 6766
6650/6660 failed to act as support after the foray higher to 6700, taking us back to the mid-point of the summer trading range. A shame to see the level fail, but thankfully support found at end-July breakout and the rising lows as we moved into the new month. Long-term uptrend still valid, but failure to hold 6700 may mean consolidation via sideways action persists a while longer. August to be like July?
Stronger macro data still buoying sentiment, even if corporate results mixed. However, major improvements/disappointments at a time of thinner summer volumes can exacerbate moves. After the HSBA miss yesterday (still holding index back today), can emerging market/Asia focused-peer STAN do better? Lower index weighing so impact likely less.
Watching 6660 again with double trendline of potential resistance via highs for much of summer as well as prior trendline of rising lows from 31 Jul. Support possible around 6590 thanks to rising lows from 27 Jul as well as yesterday’s low. However, even a venture back to 6540 wouldn’t be out of the question or too much of a worry.
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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