Value 12830.6

Continuing from last week, the market managed to stay close to the key support of 13020 at the start of the week. However, closing under this level by the end of Mondays trading signalled weakness and therefore the substantial drop on Tuesday was not altogether unexpected. Within the first hour of Wednesdays trading the aforementioned Fibonacci support at approximately 12750 (figure 1) had been tested, but remained supportive. For the rest of the week the market oscillated around the previously significant 12885 level (figure 2) before ending the week significantly lower.Read more »

Week Beginning 07/05/2012.

Value 13038.27

Last weeks analysis suggested that there was a small amount of room left for the market to increase in value before a drop back to the support level at 13020 occurred. As it happened the market waited until Tuesday to break through to news highs marginally above those recently seen before crashing down to the 13020 support level (figure 1) on Friday thus following the predicted pattern almost perfectly.Read more »

Value 13228.31

After a sharp decline on Monday, the market rallied and gained every day during the rest of the week to finally test the anticipated target set in last weeks analysis of 13260. The big test at the beginning of next week is whether this strong resistance level will continue to remain significant.Read more »

Value 13029.26

The market continued it's period of consolidation after last weeks bounce of the aforementioned Fibonacci 78.6% level managing to close just above the key support and resistance level of 13020 (figure 1) ending the week with substantially increased volume. It is therefore highly likely that in the short-term the market will move back towards the 13260 level.Read more »

Week Beginning 16/04/2012.

Value 12849.59

Last week it was suggested that should the market penetrate the support level at 13020, the 78.6% Fibonacci retracement level would likely be tested. By the close of trading on Tuesday, this scenario had occurred exactly as suggested (figure 1) and market participants should have been left calculating whether the key Fibonacci support would hold.Read more »

Value 13060.14

The market started the week with great optimism pushing strongly up to a new recent high at 13297.11. However each successive day after saw the market fall markedly. Twice during the week the market tested the support level at approximately 13020 (figure 1) and it is now this value that needs to be carefully watched for signs of weakness after the holiday period.Read more »

Value 13212.04

The market to be moderately volatile this week, oscillating just above the 13000 level. At present this psychologically significant value is providing good support to the market although the continued resistance to movements above approximately 13260 leaves little room for the market to move.Read more »

Value 13080.53

As anticipated, the market continued at the beginning of this week in the same vein as it ended last. Monday saw a brief period of consolidation before ending the day marginally higher. However on Tuesday the expected happened with the bears managing to push the market substantially lower. The rest of the week then saw a gradual trend downwards suggesting further falls are possible into next week.Read more »