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Major Support & Resistance (pivot points – explained):
Pivot: 6427; Support: 6385, 6309, 6266; Resistance: 6504, 6546, 6622
Positive macro data from China and the Eurozone trumped tapering uncertainty yesterday to help the index rebound and break above hurdles 6400 (round number), 200-day MA and trendline of falling highs from mid-month.
Good work, but as yet no decisive break of 6460, the level we broke below last Thursday (and subsequently served as resistance on Tuesday) which is something to monitor along with the probe lower after the positive opening call.
Support found at 6420 thanks to intersecting trendline from Tuesday, however, reversal not yet confirmed. In fact a break above 6470 overnight highs now likely the breakout target to look for. Still work to do.
Watch out for UK GDP data at 9:30 as well as fatigue as a week focused on Fed minutes and interpretation draws to a close, markets Fed-up with uncertainty (both nourished and tired) and UK markets closed on Monday for the August bank holiday.
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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