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: 6425; Support: 6360, 6324, 6258; Resistance: 6462, 6527, 6564
Current drivers are simple with the prospect of military intervention in Syria adding to but very much eclipsing the hitherto existing summer worries over the Fed tapering its risk–positive asset purchases. And so the correction part 2 continues, 4.3% off recent highs.
The long-term chart shows a clear falling August channel and momentum in decline. A break higher for the latter would be a positive but it has ground to make before going positive. The shorter term graphs all show predominant downtrends, the 1-week falling channel being but a segment within the 1-month falling channel.
The 6420 level is back being tested after a break below yesterday and there is a group of rising lows around 6400, but we have seen this type of supportive activity fail before. A break above 6420 and regain of 6460 could see the falling highs at 6490 revisited but the likelihood is that downtrend prevails.
Downside still ultimately possible to Thursday’s 6350 low. Possibly even lower given the state of world affairs. But be watchful for any hints of a smooth resolution which could see a strong relief rally.
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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