A nice Short Set up "may" be forming on this index. I will be on the SHORT bias as long as it is below 6962 level.. If it goes in my way, first resistant will be 6800 area and further 6680 area. Trade Safe. s0nic
Daily chart shows – Nice rebound from rising trend line support yesterday Prices currently flirting with falling trend line hurdle drawn from Aug 15 high and Sep 2 high Prices have rebounded from 50-DMA today Outlook A rebound from rising trend line support if followed by a daily close above the descending trend line would open doors for 7K levels....
FTSE index has restored its upward move, however in short term looking for the initial test of 6830 support area before next leg up.
SHORT THE UK100 - FTSE HAS BEEN UP FOR SIX CONSECUTIVE DAYS TOPPING AT TRIANGULAR RESISTANCE THERE IS POSSIBLY ONE MORE LEG UP INTRADAY BUT EITHER WAY THERE IS A GOOD SHORT COMING. DAILY VIEW IS BELOW THE NEXT FEW WEEKS LOOK VERY INTERESTING AS WE ARE IN A TOPPING TRIANGLE NEAR MAJOR RESISTANCE WHICH HAS SOME VERY NICE LOOKING DOWNSIDE POTENTIAL.
Recovery from the low of 6682 and a move back above the trend line level (drawn from Aug 15 high and Sep 2 high) keeps the doors open for a test of 7K next week. However, the hourly RSI is retreating from the overbought territory and the 4-hr RSI is close to overbought territory. Furthermore, the weekly MACD is now nearing zero levels. Hence, the overall...
UK100 is heading to the Daily and Weekly supply zone. This is a good opportunity to sell with a good Risk:Reward. Wait until daily candle closure before trading. Target for TP 6764
Thursday’s day end close above falling trend line (drawn from Aug 15 high – Sep 2 high) suggests the doors have been opened for a rise to magic figure of 7000. However, the hourly RSI has resumed the decline from the overbought territory; hence we may see a minor drop to 6880 levels before it makes an attempt at 7000 levels.
Pair’s retreat from the NY session high of 1.3121 to 1.3040 if followed by a break below 1.30 would suggest the retreat from the Sep 6 high of 1.3445 has resumed and could yield a move to 1.29 levels. On the other hand, a rebound from near 1.3040 amid the bullish crossover between hourly 50-MA and hourly 100-MA would increase the odds of the pair moving towards...
Risk-on seen in the Asian stocks on dovish Fed is likely to hit the European shores as well. Hence, the index is likely to open higher, however, caution is warranted as we have back to back daily candles with higher upper shadows suggesting exhaustion. Thus, upticks could be met with profit taking, leading to a retreat to strong support area of 6800-6779. ...
Retreat from the intraday high of 6880 to 6850 following a daily candle with a long upper shadow suggest the rise from the Sep 12 low of 6777 could have run out of steam and the index may turn sideways to negative, although reckon the support at 6800-6779 would hold in the wake of the bullish break in the daily RSI. Overall, the index appears poised to re-test...
Retreat from the previous day’s high of 503.00 t o today’s low of 492.00 suggests the rebound from the low of 473 (Sep 12 low) has run out of steam and the prices could test head and shoulder neckline level of 474. Moreover, we have had an inverse head and shoulder breakout failure…and that adds credence to the bearish view.
Burberry shares are up almost 3% and are the top performer in the FTSE100 index. A day end close above 1377 (Aug 24 high) would mark a bullish break and open doors for 1468 (Mar 3 high). However, check the volume… the three-day winning streak (including today’s gains) is accompanied by falling volumes. Hence, bulls should observe caution as there could be a...
FTSE for the next couple of days - though my opinion would back the shorts even in this bullish scenario
Resistance – 6862, 6900 (trend line hurdle), 6955 (Aug 15 high) Support – 6779 (Aug 25 low), 6654 (Sep 12 low), 6600 Prices closed above inverse head and shoulder neckline coupled with a bullish break in the daily RSI. This suggests the dips are likely to be bought into and the index is poised to test 6900 handle. Trend line drawn from Aug 15 high and Sept 2...
UK’s mining heavy index FTSE100 is trading above the head and shoulder neckline level of 6793. For further gains it is essential that the index sees a day end close above 6793. Assuming the day end close is bullish, the doors would be opened for a rise to 6900-6910 levels. The daily RSI is breaching the falling trend line adds credence to the bullish view. ...
Hourly chart pattern – Sideways channel Pair’s retreat from 6715 levels has kept the doors open for a slide to the falling channel support currently seen at 6640-6650 levels. However, sellers are seen coming in once the intraday support around 6680 is breached. Corrective move from the low of 6654 could gather pace if the index sees an hourly close above...
The daily chart shows inverted bullish hammer on the daily chart…but there is a risk of a bearish break from hourly bearish flag formation. Traders should watch out for a bullish break from flag formation (move above 6724) would add credence to the bullish inverted hammer formation and open doors for 67770 levels. On the other hand, a bearish break from flag...
Pattern – Bearish flag on hourly chart following head and shoulder breakdown on daily chart on Monday Level to watch out – Selling could gather pace below 6654 Overall, as noted in the morning note, the index appears on track to test 6600 levels. Losses could be extended further as the daily RSI is still well above the oversold territory. Short-term bearish...