Resistance - 5990, 6004, 6040 Support - 5958, 5906, 5863 Bullish price RSI divergence seen on the hourly chart would gain credence only if prices break above 6004 (23.6% of 6232-5906) on hourly closing basis. Such a move would indicate a short-term bottom is in place at 596 levels. On the other hand, failure to take out 6004 followed by a drop below 5906 would...
The index could drop another 400 points from here in run up to Brexit referendum. Shorting the index looks good at current level
Bearish Gartley Pattern Look Left Structure Leaves A Clue
Risk-off tone was super strong in Asia and is likely to remain intact in Europe as well. Moreover, there is too much risk in the form of Fed meeting and Brexit referendum over next 15 days, hence risk assets are being off loaded at a faster pace. FTSE 100 index is likely to suffer the most, given the index remained remarkably resilient till last Thursday. ...
Daily chart shows the index is on its way lower towards neckline of a smaller head and shoulder formation inside a larger inverse head and shoulder pattern. The neckline support stands around 6040 levels. A day end closing below the same would open doors for a drop to 5700-5650 . A rebound from there would confirm inverse head and shoulder pattern with neckline...
Target 1) 6200 Target 2) 6050 This is for my trade journal only feel free to comment.
FTSE 100 has advanced for the fourth consecutive session today to trade well above 6291 (May 31 high). Consequently, the index now looks set to test inverse head and shoulder neckline seen on the weekly chart around 6400 levels. The rise or the resilience in FTSE indirectly tells us Brexit is not really a issue. Moreover, equities are usually the most sensitive...
The index is likely to open higher around 6090 levels, given the positive action seen in the index futures. Failure to take out daily 5-SMA level of 6118 levels could trigger a fall back to 6073 levels (38.2% of Feb low-Apr high). However, only a break below head and shoulder neckline level of 6052 would signal continuation of retreat from 6215 levels. ...
Support - 6072, 6050, 6036.70 Resistance - 6100, 6155, 6180 Upbeat UK data did little to help FTSE avoid/reverse losses as markets are focused on the possibility of Fed rate hike in June. A break below 6072 (daily 100-SMA and 38.2% of Feb low - Apr high) would expose head and shoulder neckline level around 6050. A day end closing below 6050 could...
The daily chart shows a head and shoulder formation could be in the making with neckline support at 6054 levels. Bears should watch out for a rebound followed by a break above daily high of 6167 as that could yield a rise above 6237 levels, which if breached on day end closing would negate the possibility if a head and shoulder formation.
Failure to take out 200-SMA for the second consecutive day if followed by a break below today’s low of 6114.81 by day end could result in a drop to daily 100-SMA of 6082.32. A day end closing below 6082.32 could spell trouble for bulls. On the higher side, 200-SMA remains a strong resistance, where a violation could yield 6232 levels.
Resistance – 6154, 6175 (200-SMA), 6232 Support – 6081 (100-SMA), 6054-6036, 6000 FTSE’s failure to take out 200-SMA yesterday followed by a negative daily closing has increased risk of a drop to 100-SMA support at 6081 levels. Daily RSI, at 38, is yet to hit it oversold territory, which indicates room for at least 50 points drop. On the other...
- Rejection off the top weekly bollinger band - Weekly gravestone doji has legs along with RSI barely hitting oversold - Minor support off 6100 but below that we target the lower BB - Contrarion sees an inverse right hand shoulder in the making which targets 5800 perhaps Updated with potential IHS
FTSE - Bull grip intact Pattern on hourly chart – Rising trend intact despite falling RSI Support – 6350, 6325 (hourly 100-MA), 6307.28 Resistance – 6427.32, 6447.34, 6487.89, 6511 Rising bottom on the hourly chart coupled with falling RSI warrants caution on the part of bulls, although bears have little room to make their presence felt as long as...
FTSE futures, in line with the weakness seen in other major European equity index futures and oil prices, are indicating the index is likely to open 28 points or 0.45% on the day. Oil benchmarks – WTI and Brent – are down more than 2% and thus mining and energy shares are likely to lead the drop in FTSE Hourly chat formation – Bearish price-RSI divergence ...
This looks to be a 4th wave of a C wave down. After this I'm expecting another 5 wave down. I could of course be wrong and I am no expert. Please give me your thoughts?