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Major Support & Resistance (pivot points – explained):
Pivot Point: 6811; Support 1, 2 & 3: 6790, 6754, 6734; Resistance 1, 2 & 3: 6846, 6867, 6902
Yesterday’s breakout has held up which is exciting the bulls, helped by the revisit of October highs 6820 and the rise in daily momentum. As we noted, 6820 opens up the possibility of regaining late May pre-taper-tantrum highs of 6875. Sentiment buoyed by positive US macro data, results from US banks and hawkish Fed comments on tapering being supportive of economic recovery.
Should any index weakness prevail (note 3-month hourly RSI fallen back from over bought), we still look for 6775 to have reverted to support to help keep the December rally (now 6.9%) alive after the 3-week festive pause. Already much talk about being ‘just 100pts from all-time highs’. Too much? Note limited progress above 6820.
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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