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: 6601; Support 1, 2 & 3: 6584, 6559, 6541; Resistance 1, 2 & 3: 6628, 6644, 6669
The bounce off long term rising lows has continued and seen the index finally get back above that bugbear trendline of falling highs which have held it back since late October. This could open up the possibility of a positive finish for December as well as a retest of 6820 and then, should optimism persist into the New Year, followed maybe even by a retest of the May highs which were themselves close to 99/00 all-time highs of 6940.
As we said last week, beware holiday volumes which can be both a blessing and a curse and with tapering now out in the open, the potential for markets to focus on any new issues (China cash crunch, Eurozone growth, etc). However, with daily momentum now nicely positive and such a hurdle cleared we remain optimistic in the index’s short term holiday potential. Note the pivot point back above 6600 (first time since beginning of December).
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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