FTSE100 (UKX) - Technical View:
Simple explanation today -
Pattern wise: Came out of a larger triangle formation towards downside support areas.
At this current moment of time - It is within the range of: Support: 6785 Resistance: 6830
Once broken out of the range below support levels which matches the 200 EMA as a great support area measuring the wedge range formed. If we break towards downside, I expect it to continue towards Fib Retracement area of: 1.618 which matches a nice support area as well as nice trend-line support too!
The way you could play this trade: WAIT for it to break out of the smaller formation of the wedge formed and take the pull back trade to the next support areas or simply feeling more confident add a limit order!
Remember: Follow your own trade plan and execute wisely.
Have a prosperous day ahead,
Trade Journal
(Just a trade idea, not a recommendation)
Simple explanation today -
Pattern wise: Came out of a larger triangle formation towards downside support areas.
At this current moment of time - It is within the range of: Support: 6785 Resistance: 6830
Once broken out of the range below support levels which matches the 200 EMA as a great support area measuring the wedge range formed. If we break towards downside, I expect it to continue towards Fib Retracement area of: 1.618 which matches a nice support area as well as nice trend-line support too!
The way you could play this trade: WAIT for it to break out of the smaller formation of the wedge formed and take the pull back trade to the next support areas or simply feeling more confident add a limit order!
Remember: Follow your own trade plan and execute wisely.
Have a prosperous day ahead,
Trade Journal
(Just a trade idea, not a recommendation)
Trade active:
Short from areas: Short: 6820
Trade active:
Took partial profit @ 6720 area.
Trade closed: target reached