Failure to take out 5-DMA, 10-DMA and 100-DMA for three straight sessions (including today) has opened doors for a drop to head and shoulder neckline seen around 6685 levels.
A daily close below 6685 today or during the rest of the week would signal long-term bullish trend reversal, given the pattern has developed at records highs.
On the higher side, only a...
The index failed to sustain above 100-DMA level of 6801, which leaves the doors open for a drop to head and shoulder neckline of 6680.
A daily close below 6680 would signal a major trend reversal, given the pattern has appeared at record highs.
Daily head and shoulders forming - expecting a rally to 6950 to form the right shoulder.
Short 6950 Stop (Over Head) 7135 Target 6200
TECHNICAL:
- Head and Shoulders (LS and Head formed)
- Rising Neckline
- Expecting a rally to 6950 in line with (LS)
- A rally to 6950 would also coincide with a 61.80% retracement of the Nov 4th low.
- Anticipate the 20MA moving...
Fib retrace area of the election result climb is at 6760; 61.8% retrace area is at 6696. Might be dipping to shake out the longs ready for another push higher.
Looking at the price action the cash markets have rallied after a significant decline at the open. We rejected the 6707 support and since produced a bullish hammer candle. As it stands we are slap bang in the middle of the most recent value area and the price action suggests we will see a test of the recent resistance level of 6945 or the downward trendline...
Pharmaceuticals shares have been hit hard since Clinton's public disapproval of Pharmaceuticals Co.'s prices and profits. Pharmaceuticals shares in general have declined across the board. which is evident in the H1 chart of Shire.
R4 5155.88
R3 4985.27
R2 downward trendline
R1 4634.31
Current 4580.50
S1 4317.47
If Clinton wins I believe we will enter a new...
This market is still in a technical uptrend although signs are beginning to emerge that we may be falling off, but the confirmation will come if the 6700 level is broken to the downside. In terms of indicators the RSI has moved into bearish territory but is producing a bullish failure swing. On the monthly timeframe the candlestick action is very bearish but...
Support
6809.5 (Sep 30 low)
6745 (23.6% of Feb low - Oct high + 100-DMA)
6654.5 (Sep 12 low)
Resistance
6900 (200-DMA)
6937.5 (Oct 17 low)
6955.3 (Aug 15 high)
Comments - Pair’s bearish close at 6854 coupled with RSI at 40… pointing lower suggests the doors have been opened for a further slide to 6745 (23.6% of Feb low - Oct high). A minor corrective due...
The footsie had formed a 'time at mode' signal on the daily chart which has already hit the projected target. Since it only has one day left (Time at mode signals project a price target and a time duration for the possible rally), we can go short if we get a new daily low, with stops above today's high, tomorrow.
Good luck!
Ivan Labrie.
Daily chart shows – bearish break from rising wedge pattern followed by a falling channel.
The index is currently stuck in a small falling channel.
Taking sides is not advisable unless we have a clear upside/downside break.
Looking good for a short here, FTSE moving averages on the monthly and weekly still Bullish, though I believe this is on the turn; Our daily shows a neutral setting and trending towards a bearish move; so taking a nice position here and look forward to making my target, just above this weeks support line.
Please bear in mind that this is only my view on the...
FTSE - Nov. 2016 - S/R Wave Levels and Zones
Pressure towards the downside more than the upper side.
Sell at Resist levels and zones,
Sell the break outs.
The FTSE 100 is set to the end the week lower. Prices failed to hold gains above 7100 levels for the second week, while the losses were capped around 6930 area for the third straight week.
Nevertheless, the weak closing would confirm bearish price RSI divergence. That would add credence to the breach of the rising trend line drawn from the June low and September...
Despite Thursday’s rebound from 6924 levels, it is too early to call the index is heading to fresh record highs, given the daily close was below 7000 levels.
A positive follow through today with a daily close above 7K would signal a possible move to 7055-7100 levels.
On the other had hand, bears are waiting for a daily close below 6950 levels. In this case,...
Despite the recovery from the daily low of 6924.1, the subsequent failure to hold gains above 7000 and a retreat to 6975 levels suggests bulls may have run out of steam, however, sellers are seen coming-in only after a daily close below 6950 levels.
Despite Wednesday's sell-off to a low of $1264.40, the subsequent rebound in the Asian session today in the wake of upward sloping 5-DMA and 10-DMA suggests prices could revisit previous day's high of $1276/Oz levels.
On the downside, only a break below the 10-DMA level of $1263 would expose $1253 (38.2% of 2011 high - 2015 low).
The index managed to end the previous day above 6950, thus keeping the doors open for a rebound to 7K as seen multiple times earlier this month. Moreover, bullish invalidation is seen only after the index breaches the key support of 6950 on a daily closing basis.
Traders should watch out for a rebound from 6950 followed by a daily close above 7000 as such a move...
