UK100 is at the moment touching the strongest 7600 resistance line. There are now 2 topping tail which indicates rejection of closing the price higher. Also RSI(14) is currently nearing the overbought territory. If price can close around 7570 level, I'm planning to short it with profit target is somewhere around 7445, which is the previous strong support line.
Price has ripped up over the last few days, however on the smaller timeframes like 1H price has shown some resistance. There are some strong levels of support and resistance that are currently around where price is. I'm short here after an initial price drop from the area I'm watching. If price shoots up and continues I'll manually exit, if not I'm in for 1% risk.
UK100's price moves upward. The motion type has wave properties. Therefore, I expect the top of the first wave to the correction level 7522. If the idea is correct, nearly 100 points of correction will come from this level. Then I wait for a bigger wave than before, up to the 7220 level. The duration of the current movement is waiting for a two-month period.
For 2 weeks now we have been range bound between 7280 and 7440 with clear support and resistance visible. My two plays will be wait for a break of the trend line and get short, alternatively a break above 7440 and i will want to be long. Tomorrow is the 1st of the month and statistically it is the best day of the month for gains so I will be watching closely for ...
The market is very bullish and I'm seeing a potential trendline resistance. If this holds then price should come back down to fill that gap (I've always read that the gap needs to be filled). This will bring the price down to complete an ABCD. I will then be placing a Long as I see price exceeding the current highs.