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Major Support & Resistance (pivot points – explained):
Pivot Point: 6653; Support 1, 2 & 3: 6610, 6586, 6541; Resistance 1, 2 & 3: 6677, 6721, 6745
From little change to quite a big change, with the index giving up its fruitless flirtation with 6700 to break down from a symmetrical triangle (continuation pattern) to make a renewed acquaintance with recent lows of 6640, and even lower. The correction from end-October obviously still has legs, something which a shorter US holiday week (Thanksgiving) may not help to reverse.
One plus is the daily chart still showing momentum hovering within grasping distance of positive territory having been below since early in the month. As we said yesterday too, a continued sideways shift while markets go quiet as the US tucks into turkey and a long weekend may see the UK index finally break though the trendline of falling highs which have hindered for several weeks now, finally freeing it up for a revival of the longer-term uptrend – just in time for the traditional December Santa Rally.
Watch levels today are 6660/6695 resistance and 6640/6625 support.
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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