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Major Support & Resistance (pivot points – explained):
Pivot Point: 6776; Support 1, 2 & 3: 6759, 6730, 6712; Resistance 1, 2 & 3: 6805, 6822, 6852
The October bounce has lost its oomph and the long term graph shows the drop in momentum we had flagged last week. The intersecting trendline of the last two weeks has reverted to resistance and that from late September is being tested as support again as we speak.
All this despite positive macro data, accommodative central bank rhetoric and IPO fever which simply suggests bullish fatigue after a decent run. However, that doesn’t mean the run is over with 8% being well short of the 10-11% up-moves we saw in April and June. It could just be a pause for breath, however, the lower high overnight, today’s bearish engulfing candle on the daily chart and the 6715 must be watched.
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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