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Major Support & Resistance (pivot points – explained):
Pivot Point: 6844; Support 1, 2 & 3: 6819, 6795, 6770; Resistance 1, 2 & 3: 6867, 6892, 6916
Yesterday’s overnight breakout above 6840 and late session weakness to 6820 have kept the index in a rising 4-day channel, while the gains since the open have extended the December/Jan rally to 7.4% from its 6395 lows, and more than retraced the November declines from 6820.
While the expected IMF world growth upgrades gave an initial boost to sentiment, worries and warnings on Eurozone deflation saw gains fade but overnight recover back above the currently key 6840 level despite mixed US earnings from the likes of heavyweights IBM and Texas Instruments.
A revisit of 6875 May highs really doesn’t look like much of an ask now, having come so close yesterday afternoon (6868) although the time highs of 6950 remain a full 100pts away. Daily momentum still pointing north and 3-month hourly RSI in upper half suggesting bullish momentum. Beware UK Jobs data and BoE minutes at 9.30 which could sway sentiment on forward guidance/UK rate rise expectations.
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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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