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Major Support & Resistance (pivot points – explained):
Pivot Point: 6557; Support 1, 2 & 3: 6485, 6434, 6361; Resistance 1, 2 & 3: 6608, 6681, 6732
Overnight saw index futures get pretty much as low as 6500 – twice – taking the correction to 5.2%. The bounce will give the bulls hope that the sell-off has found a base. It would also keep alive the long-term recovery from Mar 2009 crisis lows. Could all the market fears (more tapering, slowing China, Emerging market FX stability, political unrest) now be out in the open and thus priced in?
Daily momentum still hovering around 6-month support which would be more positive should we get a bounce. More positive is the breakout from oversold by the 3-month hourly Relative Strength Indicator (RSI) which has rallied back from oversold and broken above falling highs. Our watch levels today are resistance at 6585 and support at 6505.
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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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