Our bear flag played out beautifully and I don't think the selling has finished BUT it was a very quick move and we now have some RSI divergence. I have taken profit on my shorts and swung long looking for a bounce towards 6900. Against the trend so will be keeping my stops tights. NB only looking for a bounce here - can only hold longs if we see a trend change.
Index has broken upward support, and is now in the process of forming a bear flag. Watch the gap at 6941 for first target
Successful gap close at 6944 following a bearish false break higher. Significant support at 6955, through which we could see 6695 again. I took profit on my shorts at the gap close, but will cautiously start to sell the rallies towards 6980, and add should we break support
Re-testing upper resistance - good area for a short (based on assumption first break higher was false) Can continue to add to short if momentum to the downside picks up. SL - prior high (7035). Should we take out 7035, it becomes a false break lower and the picture will turn bullish
Spikes on no news in either direction always make me feel uncomfortable. Even when quickly reversed I find they tend to return to their initial reaction. Therefore shorting with stops at today's high. Watch the gap at 6944
Waiting for a break to confirm direction
Higher highs and higher lows are in place following a successful bounce off lateral support. Still favouring a long bias with a full target of 7050ish and SL of 6890. I am expecting some resistance around 6965 (NB NB) - I will be monitoring closely for any potential reversal. Through this crucial point, one can look to add to their longs, but a reversal here...
O/S RSI and lateral support = decent RR. Target = 6950 area with trailing stop
Buyers stepped in again at 6860, but this level is less likely to hold next time round. H&S will be confirmed with an hourly close below 6860. I've been bearish last couple of days and am already short - target = 6790
I had used the green accumulation zone to add to my positions - after a successful run I have taken profit on the majority of holdings leaving me net underweight. I am hoping for a dip back to the red zone where I will look to start re-entering.
Reversed off overhead resistance & RSI overbought + divergence. Trend up, but worth a small tactical short at these levels. SL = 6930
Good place to re-enter new longs after taking partial profit at target 1 (6780)
Minor bearish RSI divergence has appeared on the hourly. Trend is still clearly up and full target of 6870 BUT momentum appears to be slowing. Taking some profit here on my longs and will look to add on a test of the green zone at 6780/6790.
The FTSE 100 has failed to break and close above the February 2018 low at 6536 for a number of months now. You can see the December 2020 candle and the candles for January and February 2021 traded above this level but ended the month by closing below this level. With one more trading day of the month left to go, we may well finally see that close above 6536 and...
First target reached this morning on the gap closure at 6780. RSI starting to head to overbought territory. Hoping to see a bit of consolidation before next push higher
GBPUSD - Technical view: More downside to go?! Technical View: Support: 1.36830, 1.36050, 1.35310, 1.35000 Resistance:1.37930, 1.39515, 1.40455, 1.41570 Pattern: Wedge/Pennant - Broken to downside, Blue line measuring length. Bears are in control if we get a break below support area of: 1.36570 Bulls are in control if we get a break above resistance area...
We are currently testing Friday's channel break. Good RR levels to go long for those who currently don't have a position. Nice gap at 6780 I would like to see filled, as well as the full target of the bull flag and inverse H&S of 6870. We have seen some month end selling during the previous few months which is something to keep an eye on and more reason to keep...