The European trading day has started in a session of mixed sentiment on Friday. Investors are still digesting Apple's US corporate results and awaiting reports on unemployment ratios in Europe, with Spain and Italy being the highlights. In the afternoon, U.S. unemployment rates, non-farm payrolls and manufacturing production data (PMI) are expected to be released. At the opening the European indices as we said have traded unevenly, DAX opened with +0.2% up, the CAC40 and IBEX35 with -0.3% and -0.26% down respectively, and the FTSE 100 literally flat.
Looking at the chart, the FTSE100 index (Ticker AT: UK100) has been looking to break the highs barrier since it started a strong move on April 25, until it has topped three times on April 29 and 30 and today in the Asian pre-market. Today is not expected to be the day where the index will break out again. If we look at the trading volume bell, its formation is a double bell indicating two well marked prices and the current most traded one is in the 8,163 points zone slightly below the high of 8,213.55 points. Its second POC zone is well below at 8,050 points.
On April 30 there was an overbought RSI spike which led to an opposite overbought spike on May 1. The market today is on the verge of candy to see if it breaks that sequence of resistances today. Or else it falls back to the indicated zone. There is a good chance that a sharp correction will bring the index value back to the indicated price average today or early next week.
Ion Jauregui - AT Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Looking at the chart, the FTSE100 index (Ticker AT: UK100) has been looking to break the highs barrier since it started a strong move on April 25, until it has topped three times on April 29 and 30 and today in the Asian pre-market. Today is not expected to be the day where the index will break out again. If we look at the trading volume bell, its formation is a double bell indicating two well marked prices and the current most traded one is in the 8,163 points zone slightly below the high of 8,213.55 points. Its second POC zone is well below at 8,050 points.
On April 30 there was an overbought RSI spike which led to an opposite overbought spike on May 1. The market today is on the verge of candy to see if it breaks that sequence of resistances today. Or else it falls back to the indicated zone. There is a good chance that a sharp correction will bring the index value back to the indicated price average today or early next week.
Ion Jauregui - AT Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.