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Major Support & Resistance (pivot points – explained):
Pivot: 6540; Support: 6452, 6397, 6309; Resistance: 6596, 6684, 6739
A fresh look at graphs results in net addition of red (potential resistance) after failure at some key levels yesterday as markets continued to fret over Fed tapering and interpretation/debate began on BoE’s new forward guidance. Pivot points (potential support/resistance) widened out again on yesterday’s 150pt high-low trading range.
Given concerns over China slowing, markets not really benefiting from stronger rebound in exports (international demand ; global recovery?) and imports (domestic demand; confidence in global recovery?). Data slate light today bar US jobless claims.
Of note is the close visit to mid-July low of 6470 which took us near lower extreme of summer consolidation range and registered a 3.5% retrace from early August high. Understandable, however, that 6540 level reverted to resistance since, after much of July spent as support.
Bears looking for weakness to persist as far as July breakout ~6400 (4.7% retrace). Bulls hoping for 3.5% to have been enough of a clear out and with many of the central bank updates, corporate earnings and major data out of the way that the uptrend from end-June can start up again with steady step-ups through the breached levels.
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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