Massive push higher this week on FTSE and RSI looking very overstretched on shorter time framed charts. Good place to take profit on long positions or alternative a small short position with a tight stop. Would like to see the 7060 area re-tested
watching closely for a potential break higher. Currently testing downward sloping resistance. A break and hold above 7185 targets 7235
I would be surprised if this bounce continues much higher before a pullback/some consolidation. We are hitting double resistance - Lateral and downward sloping. There is also some hidden bearish RSI divergence. Ideally would like to see 7070 tested and then will re-assess
We've had a bounce off oversold levels this morning but my bearish thesis remains whilst we are below 7190. Next downside target is 7060.
Resistance broken up up up. broken on the daily charts as well
The Hourly bearish engulfing candle confirms my short thesis as well as puts a line in the sand as a stop loss (7225). It has been a frustrating ride so far so hoping we can pick up some momentum to the downside
FTSE has a habit of issuing a signal then giving one last final squeeze - is the same happening again post the break down of the rising wedge? I'm still holding onto my prior shorts and using this opportunity to add. Currently at double resistance at 7190. RSI also showing divergence as well as being overbought. Good RR here I reckon for a short.
Bearish rising wedge has broken lower but need the hourly close to confirm. Downside targets are 7060, 7025, 6980 and 6940
Top of channel again, coupled with lateral resistance. Bearish RSI divergence, as well as a potential rising wedge forming
FTSE has shot higher this morning, but is testing the upper resistance of the megaphone pattern we identified last week. Coupled with bearish RSI divergence there is decent RR to go short here. I have already started scaling in
Nice pullback this morning off the top of the megaphone formation identified yesterday. There is double support around 7015/25 = lateral and upward sloping. A break below here targets 6980 and 6940. 6900 would see the bottom of the megaphone formation and the next large support region shaded in red. My bias would like to see it lower - but ideally would need...
Looking good for a short as it approaches top of megaphone formation within the red lateral resistance zone. RSI also looking stretched. First targets are 7055 and 7025
Lost channel support after testing significant resistance (breakdown level from last week). Targeting the red area = 6860/6900
Decent bounce o/n / this morning following yesterday's sell off. I still favour a further move to the upside to test the initial break down. Can potentially see a bit of consolidation here in the red zone before targeting 6980. RSI has also broken out.
The 7025/6080 support area failed as expected following 4 previous bounces and a subsequent bear flag. We are now approaching new lateral support as the RSI heads into oversold territory. I will look to start averaging back into my ISA and SIPP accounts hoping for a bounce. When zoomed out the longer term picture is looking slightly more worrying - we may be...
Bear flag targets 7055 - This index has been feeling heavy since yesterday and we have just received our first technical pattern to confirm
The index failed to make a higher high and has been trending lower all day. The 6980/7025 area has been tested 4 times and bounced aggressively - I doubt this will be the case on the next test. THe more times a level is tested the more likely it is to break/fail. I'm currently holding a short position (to hedge equity), but keeping an eye on the overhead open...
Previously bounced 3 times off 7025. The more times it tests, the less likely it will hold. BUT move has been quick and price is extended from its 20day SMA. This favours a bounce here or at the very least a consolidation.