UK100, double top forming, waiting for it to drop back below neck line, to enter this short.
UK100 on the monthly chart, has had 2 significant highs which quite a violent bearish move occurred after , one in 1999/2007/? - I believe the next one could be now, as you can see on the monthly price has hit its peak and not violently gone bearish but shows clear sign of sellers taking over the buyers.
Now with the thought in mind that quite a large bearish move could occur, if you go onto the 1 hour chart you can see a double top forming, just waiting for neckline to be broke, target 1 being 6325, and as you can see this/around this level has been used as support and resistance in the past.
Confluences
- Sar
- Double top
- Reversal monthly area
- MA
UK100 on the monthly chart, has had 2 significant highs which quite a violent bearish move occurred after , one in 1999/2007/? - I believe the next one could be now, as you can see on the monthly price has hit its peak and not violently gone bearish but shows clear sign of sellers taking over the buyers.
Now with the thought in mind that quite a large bearish move could occur, if you go onto the 1 hour chart you can see a double top forming, just waiting for neckline to be broke, target 1 being 6325, and as you can see this/around this level has been used as support and resistance in the past.
Confluences
- Sar
- Double top
- Reversal monthly area
- MA