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Major Support & Resistance (pivot points – explained):
Pivot Point: 6698; Support 1, 2 & 3: 6675, 6643, 6619; Resistance 1, 2 & 3: 6730, 6754, 6786
The UK 100 is trading levels last seen in March having made a break above the recent highs of 6725 on news that Moscow had agreed not to invade Ukraine and reports that Russian troops had retreated to base from the border.
The lessening of a geopolitical overhang has helped the index push through the intersecting trendline of resistance since mid-March. Only a test for now [hence in blue], key will be whether it can revert to support today to form a base for a move towards Feb highs of 6875. After another test yesterday, support still available 6645-6665.
Remember it’s still a big week for earnings (US of course, and UK with LLOY and RBS) as well as economic data with updates on European CPI, US GDP, Fed Policy and US Non-Farm Payrolls.
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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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