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I wrote yesterday that a ‘minor Control has emerged at 6778.5 and price relative to that level is worth monitoring today‘. That level was Resistance right off the open on Wednesday indicating ST weakness (see chart) and although the Support at 6711 was tested later in the session, yesterday’s Value Area was generated entirely above that level which keeps it in a strong position, see note 10/21.
Maybe more consolidation today ahead of CPI data tomorrow? – Control levels often come in to play ahead of data releases etc so 6711 could attract time.
