Weekly chart indicates UK100 in a bearish trend setting lower and lower highs. RSI and CCI show overbought market which means that bearish trend is going to continue for at least few more weeks.
Stoch RSI is at 96.47/98.08 which is a clear sign of over-bought market. Given the fact that Goldman Sachs increased its recession expectations from 20% to 30%, one should expect all main market indices like SnP500, DWJ, DAX, JPN225 to experience a retracement from their bullish trend. UK100 is also in this category.
Short for at least 2-3 weeks, opportunity for good profits.
Stoch RSI is at 96.47/98.08 which is a clear sign of over-bought market. Given the fact that Goldman Sachs increased its recession expectations from 20% to 30%, one should expect all main market indices like SnP500, DWJ, DAX, JPN225 to experience a retracement from their bullish trend. UK100 is also in this category.
Short for at least 2-3 weeks, opportunity for good profits.