Last week we witnessed a 6.78% decline in the FTSE 100 and just a few hours into
this week, price has already declined 2.81%.
The major support of the daily 200 simple moving average failed to hold price up
last week so we must look at further levels of support.
Since May 2021 a low was formed at 6823 and has held strong ever since. There was
an attempt to break this level in July and September 2021, but they both failed.
Price has hit this level this morning and appears to be holding for now.
If there is strong buying at this point, it should be enough to push price back to the
upside, but for now, we just need to stand aside and see which direction price heads next.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
this week, price has already declined 2.81%.
The major support of the daily 200 simple moving average failed to hold price up
last week so we must look at further levels of support.
Since May 2021 a low was formed at 6823 and has held strong ever since. There was
an attempt to break this level in July and September 2021, but they both failed.
Price has hit this level this morning and appears to be holding for now.
If there is strong buying at this point, it should be enough to push price back to the
upside, but for now, we just need to stand aside and see which direction price heads next.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
