FTSE Elliott Wave Analysis for Thursday 09/11/2023The FTSE is giving us very corrective and sideways price action. It is difficult to come up with a reliable forecast. The sideways price action fits in a bullish as well as a bearish scenario.
UK100 trade ideas
FTSE100 | UK Stock Market | Price Action MasterclassHey Traders,
Global indexes are easier to read when you can see where market value exists.
I previously called it short from the highs in this analysis:
This was just before the mammoth fall in which we have seen. The UK economy has been subdued and the latest Inflation readings are not appetising. This is causing huge uncertainty within the British economy and has led to lowered company forecasts and problems with growth.
Policy setters are attempting to battle their way through and politicians are determined to not give tax cuts further adding to the issue.
The actual index itself has formerly rallied to new highs due to the heavy weighted oil companies within, only briefly. House building companies have dropped out of the FTSE due to mortgage rates and costs.
Overall, Market Sentiment is poor, but a technical perspective persists amongst similar areas where you have had a similar situation. Poor sentiment always comes before good hence my bias.
The UK Index, the FTSE 100 is a great example of using Price Action to wade through the midst. It never lies and will always give you a gauge before you see any improvement in market sentiment and a following upmove.
Risk management is key in these situations. Just because you have a good Tech setup does not mean you should sell the farm and it does not mean the price cannot fall further. So be prepared and plan future entries if applicable to your strategy. But never, ever overleverage, just use Price Action as a guide to entry and a guide to the value of the market.
Here's how I'm trading it.
UK100 MEET RESISTANCE [ DISTRIBUTION] UK100 shows sign of distribution
1) the first sign was the light volume breakout above the 25 oct 2023 resistance level.
2) we believe the light breakout on thu 02 nov 2023 was a pure sign of shakeout, our reason is that after the 02 nov 2023 on the 3 nov 2023 we saw uk100 dropping below the 25 oct 2023 resistance with increasing volume.
3) On Monday confirm our expectation with the weak demand that couldn't break above the 25 oct 2023 resistance, sign of weakness.
4) on the 07 nov 2023 we took our first SHORT POSITION.
Will UK100GB turn positive?UK100GB - 24h expiry
Price action looks to be forming a bottom.
Short term RSI is moving higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 7400 will confirm the bullish momentum.
The measured move target is 7500.
We look to Buy at 7350 (stop at 7300)
Our profit targets will be 7470 and 7500
Resistance: 7400 / 7450 / 7500
Support: 7350 / 7325 / 7300
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
UK100 forming a bottom?UK100GB - 24h expiry
Price action looks to be forming a bottom.
Price action has continued to trend strongly lower and has stalled at the previous support near 7250.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 7350 will confirm the bullish momentum.
We look to Buy at 7280 (stop at 7230)
Our profit targets will be 7400 and 7430
Resistance: 7350 / 7420 / 7450
Support: 7300 / 7280 / 7250
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
FTSE100 - Long Signal (Relief Rally)FTSE100 D1
Buy some came into play late last week, following the latest stock dump, we have since started to bounce following an upside gap, pushing as much as 1.7R, but sat at a current 1.3R.
Eyes on FTSE100, we may see a second attempt bounce from that 7265 support price. It's going to be a busy week, I can't stress that enough, with all the risk events, economic data and earning figures to come out, NFP, AE and UE figures Friday too.
FTSE Last drop before buying for the medium-term.The FTSE 100 Index (UK100) delivered a strong short-term buy signal last time we looked at it (see chart below):
The index has been since rejected twice on the Lower Highs trend-line of what is almost a year long Descending Triangle. We will wait for a test of the Support Zone, ideally when the 1D RSI tests its Higher Lows trend-line and buy for the medium-term. Our target is the 0.618 Fibonacci retracement level at 7535.
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UK100 to extend its losses?UK100GB - Intraday
Posted a Double Bottom formation.
A break of the recent low at 7328 should result in a further move lower.
Short term bias is bearish.
Trading within a Corrective Channel formation.
The lack of interest is a concern for bulls.
The bias is to break to the downside.
We look to Sell a break of 7319 (stop at 7369)
Our profit targets will be 7204 and 7184
Resistance: 7375 / 7400 / 7430
Support: 7322 / 7300 / 7260
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
UK100GBP support has been clearly broken.UK100 - 24h expiry
Short-term bias has turned negative.
Our bespoke support of 7600 has been clearly broken.
Previous support at 7610 now becomes resistance.
Short-term momentum is bearish.
Posted a Double Top formation.
50 4-hour EMA is at 7608.
We look to Sell at 7609 (stop at 7659)
Our profit targets will be 7484 and 7454
Resistance: 7590 / 7610 / 7650
Support: 7540 / 7490 / 7460
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
