Retreat from the previous day’s high of 503.00 t o today’s low of 492.00 suggests the rebound from the low of 473 (Sep 12 low) has run out of steam and the prices could test head and shoulder neckline level of 474.
Moreover, we have had an inverse head and shoulder breakout failure…and that adds credence to the bearish view.
Burberry shares are up almost 3% and are the top performer in the FTSE100 index.
A day end close above 1377 (Aug 24 high) would mark a bullish break and open doors for 1468 (Mar 3 high).
However, check the volume… the three-day winning streak (including today’s gains) is accompanied by falling volumes. Hence, bulls should observe caution as there could be a...
Our long term bias in UK100 remains positive and this week has got off to a good start with a very solid move higher.
Last week we noted a morning star formation to target a move higher and this has played out nicely.
With BOE hinting at further rate cuts and the continued quantitive easing strategy supporting the long side, further upside is expected.
We look to...
Despite the rebound of monthly 50-MA support in July and a positive August candle, the subsequent failure to hold above monthly 5-MA this month coupled with a drop below monthly 10-MA amid bearish indicators suggests the stock is likely to re-test monthly 50-MA support seen today at 2615 levels.
Shares gaped lower today and extended losses on reports the...
Long term prospective:
Expect index to continues to seek further high towards resist zone 1 and 2 before retreats back down towards the support zone B by the end of Oct.
Moving in range between support 6730 and resist levels 6960, but seek higher as it goes, until it reach the resist zone 1, break zone above with 4H close candle, further high towards...
Good news is here for FTSE100 bulls. There are no signs of typical bull market complacency in the recent rally in the mining heavy index, said Richard Hunter, Head of Research at Wilson King Investment Management.
Wilson joined us on today’s London open show and talked about the likelihood of the index heading towards/breaching 7000 levels. Check the entire...
The count is probably all wrong :)
Thinking it's a ABC correction for wave 4 since wave 2 was complex.
6500 there's previous structure for support hoping this will end the correction and move onto wave 5.
Wait for the ABC completion.
Bearish factors –
Bearish crossover between 5-DMA and 10-DMA
Bearish break in daily RSI from rising channel
Increased odds of Fed rate hike
Bullish factors –
Cable weakness &
The index is still above key support level of 6780
Inverted head and shoulder breakout target yet to be achieved
Thus, the overall trend remains bullish unless the index closes...
Daily chart chows –
Falling trend line has been breached, however,
RSI is close to being overbought, while money flow index is going nowhere
Hence, failure to take out 175.45 (March 8 high) could yield a pull back to falling trend line level of 165 and 160 (23.6% of July 2015 high – June 2016 low).
On a larger scheme of things, the stock appears on track to...
Fresnillo is down 3.61% today and is a top FTSE100 loser.
The daily chart shows –
• Double top breakdown
• Money flow index approaching oversold region for the first time since November 2015
• RSI is approaching oversold region for the first time since July 2015
Overall, prices appear on track to test 1500 levels (100-DMA), although a minor pull back once...
Onesavings has jumped more than 10% to 271p as the group, which offers residential mortgages and buy-to-let loans reported a 36% increase in the first half profits to GBP 64.6 million.
On the daily chart –
Prices are attempting a break above critical resistance of 271.65 (May 11 low).
The odds of a failure to break higher/hold above 271.65 are high given the...
Daily chart pattern
Bullish symmetrical triangle breakout
Overbought money flow index for the first time after March 2015
Stuck at 50-DMA level of 1125.24
The daily chart suggests the bullish break from symmetrical triangle could be short lived. The only fact that remains in favor of bulls is the daily RSI, which is well short of overbought territory....
Daily chart pattern – Rising channel
Housebuilder Persimmon has reported a 29% jump in first-half profits and said customer interest since the Brexit vote has been "robust". At the time of writing, shares were up 3.68% at 1860 levels. Daily high stands at 1884 levels.
A bullish break above 200-DMA level of 1901 would open doors for pre-Brexit level of 2125. The...