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Major Support & Resistance (pivot points – explained):
Pivot Point: 6669; Support 1, 2 & 3: 6640, 6612, 6583; Resistance 1, 2 & 3: 6697, 6725, 6754
Even a robust testimony and Q&A by Fed chair-elect Yellen, with clear message that she sees QE3 needed for longer, benefits outweighing costs and no asset bubbles in sight, which helped US markets move to new highs last night, has failed to see the UK flagship follow suit.
The UK index continues to lose momentum and remains in a corrective phase from October highs after a strong 8% rally. The fact the correction has stretched to 3% two days ago could mean that we have seen the worst of it. However, without a break above some of the now mounting resistance around 6700/6730, it is difficult to call a resumption of the longer-term uptrend.
Potential bullish ascending triangle pattern on 1-week graph, with breakout level of 6700 and upside potential to 6785. Watch levels this morning 6660 and 6700. Another narrow range for traders to deal with ahead of the weekend. The dovish yellin’ hasn’t been loud enough to end the UK Index correction yet.
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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