Hello Europe traders,
We have started coverage of the FTSE as one of our trading opportunity for 2020, Here is our short summary for the UK index:
The FTSE recovered quickly from the latest drop, it was a steep drop down but the index quickly recovered forming a classic technical 1-2-3-4 trend to the upside,
Technically as long as the price keep making higher...
Successfully retested 10 week MA, bounced up nicely from there this week.
Good: RSI and MACD all healthy. 10 week MA trending up, price well above 10 week MA.
Less good: still in the box. RSI and MACD weakened a little bit.
This week's down turn was not that surprise (given the RSI channel resistance and 40 week MA resistance). Overall trend is still up (judging by 10 week MA, RSI channel direction, and a positive MACD, also the upward blue trend line). I will start to worry if it loses 10 week MA and falls out of the RSI channel.
VGK - Europe ETF (most traded in US markets)
Chart - Volume Profile
Left Volume Profile shows Volume-By-Price since 2011 bottom
Right Volume Profile shows Volume-By-Price since 2009 bottom.
Recent volume (left) profile shows us where significant value support (48 to 50) and resistance (58 to 60) stands.
Volume (right) profile shows where significant value...