The RED trendline represent a shorter timeframe and BLUE line represent 60m TF.
A decisive break and close of the red trendline will bring the FTSE down to test the Blue line, which is also the FTSE's gap of Monday's opening and Friday's (17.06.2016) close. We have the 100% FIB retracement sitting at 6305 & 61.8% FIB is at 6148. The FTSE has built a DOJI closing at GMT 9pm end of NY session.
FTSE has gained over 4% in the last two trading sessions, the BREXIT sentiments has switched from OUT campaign's favour to REMAIN campaign's favour since the brutal murder of Jo Cox a British MP who was in favour of Remain in EU.
Given that the Voting is just over 48 hours to go, its difficult to tell which way the vote would go, one thing we know FTSE will jump or drop HARD.
For tomorrow I will remain on the sideline unless FTSE break below the RED line, retest the redline and make its way back into the plain field between the RED & Blue line. If you trade this setup the SL will be the top of the price before the break! TP is Blue Line.
Ijust spoted a bearish MACD bearish divergence on 60m chart so it may be that FTSE is going to give up some of its gain tomorrow. But for now the news channels and Google is your best friend as imo no techincal anysis may have any vaulue due to the BREXIT.
Thank you.
A decisive break and close of the red trendline will bring the FTSE down to test the Blue line, which is also the FTSE's gap of Monday's opening and Friday's (17.06.2016) close. We have the 100% FIB retracement sitting at 6305 & 61.8% FIB is at 6148. The FTSE has built a DOJI closing at GMT 9pm end of NY session.
FTSE has gained over 4% in the last two trading sessions, the BREXIT sentiments has switched from OUT campaign's favour to REMAIN campaign's favour since the brutal murder of Jo Cox a British MP who was in favour of Remain in EU.
Given that the Voting is just over 48 hours to go, its difficult to tell which way the vote would go, one thing we know FTSE will jump or drop HARD.
For tomorrow I will remain on the sideline unless FTSE break below the RED line, retest the redline and make its way back into the plain field between the RED & Blue line. If you trade this setup the SL will be the top of the price before the break! TP is Blue Line.
Ijust spoted a bearish MACD bearish divergence on 60m chart so it may be that FTSE is going to give up some of its gain tomorrow. But for now the news channels and Google is your best friend as imo no techincal anysis may have any vaulue due to the BREXIT.
Thank you.