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Major Support & Resistance (pivot points – explained):
Pivot Point: 6509; Support 1, 2 & 3: 6465, 6420, 6377, ; Resistance 1, 2 & 3: 6554, 6597, 6642
So it definitely wasn’t over and the break down from the channel saw an acceleration in the correction. More good US jobs data = more early taper fears ahead of tomorrow’s US payrolls report.
Some support at 5-month rising lows 6465 is a welcome sight after 6500 gave way and the long wick of yesterday’s candle suggests potential for reversal, but much work to do to break the downtrend.
Back above 6500 as we write is a plus but we remain worried about the combined weight of the 200-day moving average, 4-day falling highs and breached 5-week channel base (all at 6509; also today’s pivot point) potentially adding to the myriad hurdles which need overcoming before any Northerly jaunt. Daily momentum still pointing very much South.
Watch levels for today: 6465 support and 6510 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
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