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: 6554; Support: 6538, 6519, 6494; Resistance: 6583, 6607, 6627
Like major peers, UK 100 under pressure, failing to break the falling highs since the beginning of the month even after a pause yesterday. While there is a good amount of corporate activity (IPOs, M&A) which is normally conducive to optimism and serves to boost sentiment further, it would appear that economic, fiscal and monetary uncertainty (blame the US) are trumping the appetite for risk.
In terms of levels, with the rising lows of September being tested as we write, we are watching the lows of the last 2 days for support at 6540. Nonetheless, we note that the 3-month chart suggests rising lows yet to be breached, meaning 6535 may be a better level to watch. Short-term, the falling channel post-no-taper maintains its southerly course putting the index in a narrow 30pt range. Ripe for a breakout or breakdown.
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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