I was outside just having a smoke on the balcony. there is a current celebration feast going on in the town over from me and in the difforest direction. i could see flashing from the fireworks and started to look in that direction. panned my head back around and saw this bright red light and thought it was a flare or potential firework but then notice a pulsing light, anyway i observed it more and notice no fluctuation in height, it was just hovering. i watched as the light dimmed more and more and as it got to its smallest point it just shot off in to the distance and i mean at an alarming speed, like something had startled it. when i first saw it i was just a bit drawn back and kind of just shook it off at first and as i watched more and more it was just getting brighter and i ended up just stood there not really knowing what to do and my body froze as my eyes tried to keep locked on it. i lost sight of the object because it just faded in to nothing and left a trail as it moved off in a northerly direction.