Hi guys,
Please see attached my analysis for the FTSE100 1H Chart.
As we can see we have the price is trading within a channel and is pushing up towards a well respected resistance level around the 7120 region which has had a few taps into that area but hasnt managed to break through.
We can also see that the RSI is approaching the overbought level above 70 so as price moves up towards the resistance if we see a push into the overbought area this could give us an indication that a reversal is likely to occur.
Also if price hits resistance look for pivot candles such as a shooting star candles or a hanging man which could be another signal that a bounce of resistance is happening.
If we push up towards the 7120 region I will be entering a sell trade and my stop and take profits are below:
- SL:7123
- TP1: 7059
- TP2: 7038
Any comments or likes would be much appreciated.
DWFX
Please see attached my analysis for the FTSE100 1H Chart.
As we can see we have the price is trading within a channel and is pushing up towards a well respected resistance level around the 7120 region which has had a few taps into that area but hasnt managed to break through.
We can also see that the RSI is approaching the overbought level above 70 so as price moves up towards the resistance if we see a push into the overbought area this could give us an indication that a reversal is likely to occur.
Also if price hits resistance look for pivot candles such as a shooting star candles or a hanging man which could be another signal that a bounce of resistance is happening.
If we push up towards the 7120 region I will be entering a sell trade and my stop and take profits are below:
- SL:7123
- TP1: 7059
- TP2: 7038
Any comments or likes would be much appreciated.
DWFX