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 Point: 6542; Support 1, 2 & 3: 6496, 6463, 6417, ; Resistance 1, 2 & 3: 6576, 6623, 6656
We suggested downside potential to the pivotal 6500, and 6508 duly served as the bounce point overnight. Could this close visit to 6500 mean that a 4.6% correction in 5 weeks (more than half the October uptrend) will suffice in terms of consolidation before a resumption of the longer-term 4.5-yr uptrend?
As they say though, ‘it ain’t over ’til it’s over‘ and we have the small matter of a falling channel to break out from at 6650 and maybe even the 6610 November low to overcome first. Thereafter hurdles are aplenty to scupper any potential festive exuberance.
Markets are back US data-watching/waiting with the all-important US Non-Farm payrolls on Friday lined up to provide investors with the next piece of the Fed taper puzzle. Last month’s big 204K number was taken well (growth positive, taper negative). Same again this month, or a disappointment to even things out?
Watch levels for today are 6508 support and 6545 resistance.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research