Bottom of the red lateral support held despite yesterday's brief wobble lower. In hindsight it was a great buying opp for those that missed the morning's bullish confirmation. Still looking for full target of 6870 - however not in a straight line
I started scaling back in and increasing my weighting around 29 (green box) in the hope we would get the break higher we seeing now. Yesterday we saw the VHYL ETF be the first to break higher and VUKE appears to be following suit. Red lateral resistance is quite significant and I wouldn't be too surprised to see the ETF pause a bit at this level, consolidate,...
Buyers stepping up and continue to buy at 6680. If this hourly candle holds, it will be a good opportunity to go long. There is a gap at 6700, and the bullish inverse H&S is still in play targeting 6870.
Looking slightly ominous on the hourly chart. Trend is still up and we have a bullish inverse H&S and bull flag still in play. A pullback here to 6680/6700 would be healthy and an opportunity to get long should we see the support hold.
Successful break and re-test of bull flag on the hourly chart. Higher lows in place, as well as a potential bullish inverse H&S building which will be confirmed with a close above 6700. A number of SL levels available depending on time frame and risk tolerance - index has been very volatile last few trading sessions. I will look to re-evaluate on an hourly...
My natural bias would like to see the index pullback further here - as we have seen the 6600 level has been a magnate the past few trading sessions. The hourly bearish engulfing would support a short position, but we do have the index on a triple set of supports. I'm waiting on the sidelines hoping for better levels to buy into my ISAs and SIPPs
Decent RR set up here - Targets are 6585 and 6560. SL = 6645 (daily high)
We had the beautiful bounce off 6480 lateral support as expected, and once again the 6600 level is acting as a magnate. Massive hourly candle, but about to hit a number of resistance levels, namely: prior channel support, 20SMA, lateral resistance. Risk reward looks decent and will be keeping trailing stop nice and tight
Trend is still down, but feeling overdone in the short term. Looking for a bounce off lateral support to 6550.
Structure looks good. Should be a easy scalp or long hold from support at 6500.
6700 appears to be the line in the sand for now... Looking for a pullback to the 6650 level. SL at today's high circ 6705
There's the hourly bullish reversal we were hoping for this morning. Nice long tail, bounced off support putting in place a higher low. Targets are 6626, 6640 and 6680.
This morning we got the gap close we have been waiting for. Using this as an opportunity to slowly start averaging back in (ISA & SIPP portfolios) as I am very underweight (current 21% vs. circ 70% total equities target). Suspect/hoping we still get better levels, but happy to start ticking away here after going underweight early last week.
As posted yesterday - we got the gap close and lateral resistance held at 6625/35. We do now have minor support now at 6600 and a flat 20SMA. Trend is still down, but will be keeping an eye to see if we can get a bullish hourly candle here - otherwise back down to sub 6500 we go. Patience required as we wait for confirmation.
If this resistance holds - next support levels: 6583.3 (gap close); 6570 (re-test break out); 6490 (lateral support)
Seeing a bit of a relief rally following last few days of selling. Trend is still down and we are floating between larger support at 6490 and resistance at 6625. Will be keeping an eye for a potential reversal from the upper 6625 resistance - and potentially even higher to 6635 where the price gapped down this morning - for a potential re-entry of my ST short...
Went underweight on Monday following the euphoria (extremely overbought on shorter time frames). Hoping for a pullback to the 6600 region where the price action gapped higher to start scaling back in - will also be a re-test of the breakout. However, there is a potential bull flag developing on the hourly chart (chart to follow). We currently in no-mans land as...
This is making a retrace after spiking 3 days ago. I am looking for an entry around 0.5 Fibonacci as this aligns with some previous resistance although it is best to wait for confirmation as it could drop further. Once we see a rebound target will be at a new high and where it will meet resistance of 7004.