This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot Point: 6687; Support 1, 2 & 3: 6666, 6648, 6626; Resistance 1, 2 & 3: 6707, 6728, 6747
Has the index developed a 4-day Head & Shoulders top pattern after the recent 4-dayrecovery? Combined with pressure from falling highs from end-October, could this see the current 3-week correction carry on as far as mid-Nov lows of 6610? If so, and the level holds it could provide a more solid platform for a resumption of the longer-term uptrend. Note daily chart still shows momentum off its worst levels of November. Recovery base?
Markets flat an hour after the open, with participants likely waiting for Fed FOMC minutes this evening (and those from the BOE) for more evidence on the committee’s divergent views and thus potential timing of QE3 tapering (to delay or not to delay?), even if overnight commentary was largely dovish. Central bank watching is key as ever with markets so sensitive to monetary stimulus.
The 6700 level has lost its importance (no longer the pivot point). Watch levels 6666 support and 6710 resistance.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research