This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot: 6573; Support: 6542, 6509, 6476; Resistance: 6608, 6641, 6674
The UK equity index is still struggling, with resistance now around 6600 for the last 2 sessions, reinforcing the trend of falling highs from July’s 6660 and increasing the chances that equities are forced lower. However, the pedestrian pace and extent of recent range trading on account of it being mid-summer (volumes lower) means that any move to the downside well could be gentle. A revisit of 6500 or even 6480 would also still be nothing drastic in terms of providing a springboard for a revival of the longer-term uptrend.
We’re still watching for any break below 6535 and then 6480 as bearish, and anything above 6660 as bullish. Sitting right in the middle of this range, with a 90pt swing possible either way it’s an opportunity to trade the defined ranges of late (pivot points have tightened in ) as well as considering automatic entry points should the index break higher or lower.
Significant Index helpers by points contribution this morning are HSBA (5.8pts), RDSb (2.7), PRU (2.0), STAN (1.8), BATS (1.6), TSCO (1.6), RB (1.6), while the Hinderers are BP (-12), BARC (-7.7), LLOY (-2.8), RBS (-1.7). Results still running the show and keeping things spicy as the summer matures.
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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