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Major Support & Resistance (pivot points – explained):
Pivot Point: 6458; Support 1, 2 & 3: 6437, 6403, 6381; Resistance 1, 2 & 3: 6493, 6514, 6549
The UK index remains under pressure (called -20pts, currently-50pts) , with resistance at 6475, derived from a combination of both recent and falling highs serving as a hurdle.
We’re still waiting for either one side to back down in Washington or for the two to reach a an agreement. Nonetheless, with markets at depressed 5-week lows but still in a long-term uptrend, as we pointed out on Friday’s weekly roundup, there may be some positives.
That’s not to say there aren’t risks. We don’t know how long this will go on for. There will be an impact on Q4 GDP. A breach of the debt ceiling may change views on US debt, the sovereign paper of reference
Now looking for a break above 6480 to get us back above the falling highs trendline since 19 Sept. A move above 6500 would be even better still (round numbers), allowing possible retrace to 6600/6665 Sept highs. Beware any break of 6380 which would open up downside to 6350 mid-Aug lows.
A major US announcement likely needed before break-up or down. Washington? hello! We’re waiting, still.
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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