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There's an interesting battle building up in the FTSE 100 (UK100), after which we should have a much better idea of whether this rebound has legs or they're going to be sweeped from underneath it.
The charts were starting to look quite promising. We had a clear uptrend and price broke back above the 200/233 period simple moving average band on the 4-hour chart....
Recent price action in the FTSE 100 has certainly been encouraging but it may be a little early to celebrate.
The pull back a couple of weeks ago was very brief and never really gathered any momentum. Moreover, broadly speaking price never held below the 55/89 simple moving average band on the 4-hour chart, which could be viewed as bullish.
Since then we've seen...
We've seen a bounce in the UK100 in the final hours of trading on Monday but I'm far from convinced this changes the near-term outlook for the index.
Firstly, the MACD and stochastic on the 4-hour chart don't suggest there is enormous momentum behind the move, even if it is still early on.
Secondly, no key resistance levels have been broken. Of course, there's...
It's been quite a 24 hours in stock markets, with risk appetite suffering due to a combination of factors including earnings and global recession warnings. This was always going to test this new-found bullishness in the markets.
As always, these may have been the catalyst for the sell-off but there will be other underlying factors as well. For example, just prior...
Market has high expectations for OPEC+++
The stand-out event today is undoubtedly the OPEC+++ meeting, where producers will attempt to find agreement on output that addresses the collapse in demand and crude prices.
No one is winning in this environment but, as ever, each are losing to different degrees and have a different ideas on how it should be resolved....