Yesterday was an inside day (candlestick pattern) and therefore it is a sort of gentle warning to bulls looking to initiate fresh longs. The pattern is not a reversal pattern by itself, but given the fact that the index is rallying near record highs and stops are well below the current levels a bout of profit taking is likely. Thus, the index could retreat to...
The weekly money flow index has breached rising trend line and is turning lower from the overbought territory. On the daily chart, both RSI and money flow index are yet to hit the overbought territory, hence we could see prices revisit record high level around 7130, especially now that GBP/USD has breached 1.27 level. On the lower side, 6973 remains a strong support.
Price is in the cloud. We have range market conditions confirmed by DMI. RSI confirms price reversal from Senkou A and we have a signal for opening short trades below the low of the signal candle. Stop orders should be placed above 16750 and take-profit orders near Senkou B.
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...
Sharp rise in the FTSE100 last week to 6909 levels suggests the two-week losing streak/corrective move from 6955.3 levels has ended and the index is likely to see a dip demand so long as the weekly 5-MA and 10-MA around 6850 is not breached on the daily closing basis. The doors remain open for a rise to 7K, although caution is advised till the index trades below...
The index has rebounded from the confluence of rising trend line and 50-DMA levels seen at 6800. The rebound happened due to two reasons – • Upward revision of the second quarter UK GDP & • Deutsche Bank news – US Department of Justice (DOJ) has downsized its penalty from $14 billion to $5.4 billion The quarter end/month end/week end close if happens above...
Rebound from 2145 (Sep 26 low) has put in place a symmetrical triangle formation on the daily chart. Symmetrical triangle resistance is seen around 2180, while support is seen around 2155. At this moment, it is advisable to wait for a breakout, especially because experts are not buying the OPEC led rally in oil prices.
Daily chart shows – Nice rebound from rising trend line support yesterday Prices currently flirting with falling trend line hurdle drawn from Aug 15 high and Sep 2 high Prices have rebounded from 50-DMA today Outlook A rebound from rising trend line support if followed by a daily close above the descending trend line would open doors for 7K levels....
Action over the last three days is anything but motivating for the bulls. We had a gap up opening on Thursday followed by a weak closing well below Thursdays’ opening level on Friday…This was followed by sharp losses on Monday. However, bears should not get too excited as the index is still well above key important levels in the area of 2126-2119. 2126 is the...
UK100 is heading to the Daily and Weekly supply zone. This is a good opportunity to sell with a good Risk:Reward. Wait until daily candle closure before trading. Target for TP 6764
Bullish engulfing after market reacts positively to Fed minutes after leaving rates unchanged but pointing towards a hike in December. Double bottom formation triggered on a break of the 2163 neckline Buy a break of 2165 Measured move target 2210 161.8% fib extension at 2230 Stop at 2120
NASDAQ has not moved below 4600 level. NASDAQ could not break 4838 level. May be FOMC will push this market and we'll see good price movement above the resistance level or price reversal and falling to MA100. Let's wait and be ready to open positions based on hourly charts. Targets are 4900 and 5000 for long trades and 4600 for short trades.
Price stopped on MA100 and it''s also MA20 on the weekly chart. We have swing low which will be a good entry level for short trades. MACD and DMI confirm down movement. The same goes about weekly MACD. We can place a pending order below 2108 with targets 2058 and 2000. If price bounces from MA100 with MACD and RSI confirmation, we'll have to think about opening...
Hi Traders, Today is the first day of the month September. August closed higher than July, the trend on the long term is still positive. Since 12 July the SP500 moved between 2193 and 2147 . Slightly higher / more side ways. Despite the trend on the long term is positive I suspect the SP500 is ready for a correction this month. The candles shows some...
We saw a good down movement. Price broke MA50 and now it moves lower. Short trades, which had to be opened based on Bearish Divergence and Double Top reversal pattern, give good profit. So, what's next? I think we have to look at price action near MA100. It will be good reversal zone and after bouncing price we'll see movement in the same direction as the main...
Sharp losses in the US equities on Friday followed by losses in Asian stocks amid rising long duration government bond yields across the globe could see the FTSE100 index open below the head and shoulder neckline level of 6750 levels, which is also the 100-DMA figure. Break below neckline support of 6750 would open doors for a 100 point drop to 6650 levels. The...
This longer term 'big picture' view of the index shows some interesting relationships. The 1000 week linear regression line is used for a long term estimate of the growth. The pitchfork connects the two previous highs and and the 1000 week linear regression. The 100 and 200 week medians match quite closely to the tines of the fork. From this longer term technical...
Longer term into the end of next year the TSX is attractive for bulls. Currently the index may be as much as 6% over the average analyst year end target. Were the analysts too conservative in their 2016 year end forecast? With the fall historically being bearish for markets and oil, a significant pullback ahead seems reasonable. S&P/TSX Composite...