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Major Support & Resistance (pivot points – explained):
Pivot: 6614; Support: 6568, 6509, 6464; Resistance: 6673, 6719, 6778
Markets perked up yesterday to re-test prior-week highs of 6660 and, after weakness in Asia overnight after US Tech giant results disappointed, the 6600 level which we broke back above is being tested. Could it revert to support, opening up the chance of a another up-leg to May highs of 6875, or is the correction to go further?
While the Bernanke-watching may be over for now, all eyes will be on subsequent US macro-economic data which will keep the QE3 taper-sentiment-ometer swinging between on and off and benefiting sentiment on all markets classes accordingly.
While the long-term graph still shows a rather sharp rise – normally a worry – bulls are hoping the 8-day relatively sideways move was enough of a pause to digest the gains and for support at 6600 to help provide a platform for a rally back to 6660+ and 6875; short-term bears on the other hand are eying falling highs resistance at 6620 and looking for 6600 to give way and the correction go a bit further, back to 6560 or even 6515 recent lows.
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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