$UK100 was rejected by the 200 SMA line in its latest attempt to break it.
The price is rallying again today as we approach the FOMC and there are several pattern I thought you should be familiar with.
The bullish scenario - Two harmonic patterns will complete near 6900-7000 (bearish Bat and bearish Cypher).
If the price will rally following the FOMC statement and will manage to over come the 200 SMA line, these patterns could be your extended target levels
The bearish scenario here is that the price will not manage to overcome the 200 SMA line and break below 6500. In that case, 6150 will be the completion zone of a bullish AB=CD pattern.
This analysis is part of a special post towards the FOMC I just posted and you can check it out if you want to:
goo.gl/bKhfZA
The price is rallying again today as we approach the FOMC and there are several pattern I thought you should be familiar with.
The bullish scenario - Two harmonic patterns will complete near 6900-7000 (bearish Bat and bearish Cypher).
If the price will rally following the FOMC statement and will manage to over come the 200 SMA line, these patterns could be your extended target levels
The bearish scenario here is that the price will not manage to overcome the 200 SMA line and break below 6500. In that case, 6150 will be the completion zone of a bullish AB=CD pattern.
This analysis is part of a special post towards the FOMC I just posted and you can check it out if you want to:
goo.gl/bKhfZA