Price is rejecting the top TL of the wedge pattern that's forming on the FTSE100 index.
FTSE being propped up by a weak pound and brexit. If some progress is made and GBP gains some strength again then FTSE should begin to drop.
Bearish bias on FTSE100 index.
Previous 4hr support zone broken and retested.
Bullish Trendline broken and now retested.
Fib 0,618 and lower high forming.
4hr 50ema to act as dynamic resistance.
Final TP around the 7100 level
FTSE100 is making some nice consolidation on the 1hr timeframe and is now breaking the lower TL.
I will wait for a clean break and then short on the retest and lower high. Targeting new lower lows at 7000
UK100 - Intraday - We look to Sell at 7500 (stop at 7525)
The previous day's bearish engulfing candle led to further selling yesterday. Previous support level of 7475 broken. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. The reaction higher is positive, however, we view...
DAY TRADE - EXPIRES AT 9PM
We were looking for a dip to buy today but the market appears to have stalled in front of our entry level. Is this good enough reason to get long?
Overall we remain bullish.
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning.
Bespoke support is located at...
Here is my 3rd scale in entry order set for the FTSE 100 index.
- Lower Highs & Lower Lows
- Fib 0.618
- Bearish TL
- 4hr 50EMA as resistance
- 7250 nice psych number
Aiming for 7000.00 level to be hit next.