Stock markets have been on a good run since late March, with the FTSE bouncing back around 20% from its lows to within a whisker of 6,000.
The rally looked to be running out of steam around 5,800 but a late surge on Thursday, backed by momentum, quickly changed that. Unfortunately though, we've since seen a bearish engulfing pattern on the 4-hour chart which begs...
THE FTSE is looking ATH'ish.
With the U.K opening up there's so far no reason why we shouldn't climb higher.
The pandemic is now known to be beatable, holidays may soon have the go ahead and people are now returning to work.
As illustrated a few key resistances need to be broken and tested in order for us to go higher or lower.
Good evening all, I am overall forecasting a bull move coming in for the FTSE 100 shortly... this is due to price failing to maintain the HH HL price action.
We all know we trade what the market gives us which is why I always have multiple entry's for both bullish and bearish should price decide to go against my forecast. Now, every entry you see is...
Overall the FTSE is bullish and seems to be holding above 6860-6900.
If this continues to hold then price has a higher chance of making new highs (7100-7130+).
A bearish FTSE would look nasty as from 6800 I would expect a possible freefall in price.
Last week the FTSE confirmed our bullish triangle pattern, prompting that we will continue higher (for now).
Price ended it week 6770, which looks to be a minor pullback and should continue its move upwards in the following week.
We have found resistance at 6800 3 times prior to this point so a potential bounce downwards to 6730 is probable.
From 6730 is where...
Following on from my previous idea, the FTSE has continued to show strength at this level of support.
A triple bottom has formed at what looks like the bottom of the cup in a cup and handle pattern.
If FTSE traders were bearish, the drop from the rising wedge would've been steeper. The news around the vaccine spat with the EU would've also likely caused a...
Overall Bias is bullish. If price doesn't move below 6700 as it was rejected Friday the 19th then FTSE has a clear runway to go higher.
6800 is the resistance to break and after that 6910 should not be any problem.
7100 seems to be a good target if we continue bullish.
The FTSE is currently sat at strong support. Sellers tried to push price lower, but the index was bought back up to form a pinbar (red arrow). Lower BB also sits at this point (see %B in bottom window).
Considering the lacklustre fall from the rising wedge and the subsequent pin bar, we can expect 6800 to break (see how long price spent lingering around the...
FTSE structure today was range-bound. Some bear candles can be made out, affirming a downtrend in the lower timeframes. I think we may see it pulling back towards the bottom of the range, potentially the trendline. The pound seems to be up, with room to continue to test the top of a resistance trendline.