UK100 is approaching our first resistance at 7183 (100% fibonacci extension, 61.8% fibonacci retracement, horizontal swing high resistance) and a strong drop might occur pushing price down to our major support at 6922 (100% fibonacci extension, 38.2% fibonacci retracement).
Stochastic (89, 5, 3) is also approaching resistance and we might see a corresponding drop...
The technical side
The price has reached the EMA200 daily, key dynamic resistance for the continuation of the trend: an upward break would bring the price directly into the upper area between 7330 and 7520 points; a rejected, however, will return it to test the 6900 points.
The result of a " no deal " Brexit
In the last three sessions it seems that this second...
Buying volume is decreasing and i think, it won´t have enough power to get over strong ressistence and we might test the temporary bottom of this downtrend, to create big "W" bottom.
Hi there. Price is forming a reversal pattern to change its direction. Wait for the price to hit the top of the pattern and watch strong price action for sell.
Reason:
1. Prior consolidation before strong up move, shows hidden buying activities at this region – buyers will be likely to defend their positions at this level
2. Strong uptrend move – aggression of the buyers shown
3. Prior resistance turned support level
Our Trade Setup will be:
EP: 6891
SL: 6867
TP: 6915
Best Regards,
Nour Capital - Tracking Smart...
FTSE100 WEEKLY CHART IS BEARISH WITH PRICE FORMING A DOUBLE TOP PATTERN
ON THE DAILY CHART, 4HR TIMEFRAME IS RETRACING INTO A KEY ZONE WITH 50% FIB
A PARTICULAR AREA OF INTEREST.
ENTRY- 6865.2
STOP- 6958.0
TARGET- 6658.0
UK100 is approaching our first support at 6771 (61.8%, 100% fibonacci extension, 50% fibonacci retracement, horizontal overlap support) and a strong bounce might occur below this level pushing price up to our major resistance at 7002 (76.4% fibonacci retracement, horizontal swing high resistance).
Stochastic (89,5,3) is also approaching support and we might see a...
UK100 is approaching our first support at 6771 (61.8%, 100% fibonacci extension, 50% fibonacci retracement, horizontal overlap support) and a strong bounce might occur below this level pushing price up to our major resistance at 7002 (76.4% fibonacci retracement, horizontal swing high resistance).
Stochastic (89,5,3) is also approaching support and we might see a...
FTSE100 HAS REJECTED THE KEY RESISTANCE AND WITH RETAIL TRADERS NET LONG WE COULD
SEE THIS MARKET MOVE LOWER. CURRENTLY PRICE LOOKS TO BE FORMING A DOUBLE TOP PATTERN
THE DAILY CHART. IF THIS PATTERN COMPLETES WE EXPECT THE NECKLINE TO ACT AS RESISTANCE
WITH TARGETS BEEING THE KEY WEEKLY TRENDLINE.
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