#UK100 Observations:
- Monthly and weekly charts indicate weakening bullish momentum.
- Significant resistance encountered at a key level suggests a potential reversal.
- 61.8 Fibonacci retracement zone identified as a logical downside target.
Trade Idea:
- Short position on the #FTSE.
- Place stop-loss above recent swing high.
- Primary target: Previous swing...
Squeezed
UK retail sales fell hard in September, higher cost of living hitting the pockets of consumers
UK recent economic data highlights
The drop in UK retail sales indicates that consumer spending slowed in September; actual -1.4% vs -0.3% forecast
Highlights little signs UK household spending to pick up soon as higher prices push consumers to...
Short FTSE 100 @ 7450
TP: 6900
SL: Around 7700
The UK has many problems involving the PM, energy, cost of living crisis, recession, inflation and a devaluing currency. Normally GBP weakness was beneficial for the equity index however, the correlation has broken down. THE BOE has admitted that we face 5Q's of recession ahead and I cannot see how that is positive...
Stocks getting hammered with this risk off mood and although it might not be the time to go bottom picking, I certainly don't want to miss out on this dip. As things stand, the UK is set to open up in the coming weeks, vaccine roll out continue to be a success, and therefore I am adding some FTSE100 to the list of things to buy.
Long - 7030
TP- 7300
SL - Nothing...
Over the last few days the FTSE has been ranging between 6,500-6,000.
Monument (RSI) looks mild, and the 9 day average is right in the middle of the candle.
The FTSE has jumped is above the bearish support which is a good sign, but it's too early to know if it's a fakeout or a breakout.
This market is going to need some good news to break above the 6,500...
After Jan 19 the priceline of FTSE100 GBP is hitting the support of up channel.
The price action has also support of 100MA and 200MA.
There is also a golden cross formation expected beneath the candle sticks which will produce a massive bullish divergence insha Allah.
I have used Fibonacci sequence for sell targets as below:
Sell between: 650.3 to...
FTSE 100 had a solid green candle on 27 December 2017 when the market re-opened and it closed at 7620.70 which was above the previous high of 7582.90 on 7 November 2017.
Investors like you may be wondering this index in the near term. From a technical outlook, it would appear that the index has a near-term bullish bias since it made the low of 7288.70 on 1...
