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Major Support & Resistance (pivot points – explained):
Pivot: 6663; Support: 6615, 6574, 6526; Resistance: 6704, 6752, 6793
Since the breakout around 6650/6660, we’ve retraced and found support there again which is a positive signal in terms of a continuation of the long-term uptrend following July’s sideways consolidation and May highs of 6875 being regained. Bullish undertone still bubbling.
Positive PMI Services data from China, Europe and the UK likely to help with the risk appetite, given that recently mixed global data and Fed uncertainty not really had much of a negative impact. Summer hiatus may be false support, though with thinner volumes potentially exacerbating moves. Watch impact of HSBC results this morning – biggest index weighting.
While uptrend intact, watch for support around 6660 as platform for recovery rally part II. Even if weakness does take us back below 6650 though, the rising lows of late could see support kick in around 6635 and then 6575. Watch also for how much of a fight the recent high 6715 puts up.
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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