Would look to target 6310
The biggest level on the FTSE100 charts is the 6,000 support, on the 4 hour, daily and weekly level this is an area of support. What does it mean if support is shown on a number of time-frames? It means everyone trading the FTSE100 has the 6k level on their charts, it's also a psychological level. The 6k level was tested 3 times in June, each time bouncing back,...
A triangle price pattern and RSI near 50 shows that daily FTSE is entering the final stages of consolidation. this means we shall soon see the next big candle move from the market. On the fundamental side things are looking bearish as virus cases spike again and IMF and Central Banks are being very negative regarding the economic recovery. The contrarian point is...
Lovely bounce and hold off support. Potentially a false break lower out of broadening formation. Worth a small long with a stop set at this mornings lows
Through here targets 6310, otherwise back to down to 6060
Take your pick whales.. It is very likely, almost certain, that this rising wedge will just break down and momentum will carry the price upwards eventually. Could be interpreted as a bull flag, hence i have placed a flagpole Literally a neutral position
Broadening formation has broken down with lower targets. But we are on lateral support here and RSI very oversold. There is a gap I would ideally liked closed at 6130 before we head lower. Decent RR
After this morning's sell-off we now have a confirmed broadening formation. This can be bullish or bearish, BUT confirms the indecision/volatility we have seen recently. We are also on the lateral grey support area. Can take a sneaky long here to play the range with a relatively tight stop. Keep an eye on the wedge that is still in play .
Double overhead resistance, and bearish RSI divergence. Can place tight stop. Good RR
Wedge has broken to the downside, BUT bullish hidden divergence has developed. Higher highs and lower lows are still in place and we could still be in the process of building the handle to a bullish C&H pattern. Developments are changing daily. Keeping positions small, following the trend of the day, and sticking to my SLs
Bearish second rising wedge keeping things interesting
The potential RHS of a larger H&S pattern we identified earlier this week is potentially changing into a bullish C&H pattern or a bull flag. The indecision between two conflicting patterns makes me feel uncomfortable so I will wait for further developments before getting involved. Last couple of days have been low vol days which usually precede larger moves. ...
After Monday's retracement indices have been ranging with no real momentum. Resistance of the range is 61.8% and good support zone (green) with 50SMA and 200SMA. Break of either and close opens new target levels. Please support the idea and share your thoughts on FTSE! Good Luck and Stay Healthy!
Price continues to test 61.8%, a good break above and close is a signal for to buy and target further upside. Please support the idea and share your thoughts on FTSE! Good Luck and Stay Healthy!
Been patiently waiting for the LHS to form. Can pre-empt based on RSI divergence with a tight stop just above 6300, or wait for confirmation by break of NL. I am keeping an eye on the 20SMA - not ideal that it is pointing upward.
Over the last few days the FTSE has been ranging between 6,500-6,000. Monument (RSI) looks mild, and the 9 day average is right in the middle of the candle. The FTSE has jumped is above the bearish support which is a good sign, but it's too early to know if it's a fakeout or a breakout. This market is going to need some good news to break above the 6,500...
Lovely bounce off lateral support as expected...now we wait patiently for signs of a reversal
False break higher in wedge confirmed = bearish. Potentially better short entries points coming up