These moves off the 50wk MA can be quite something on the FTSE.
D t worry too much about BREXIT on stocks - watch the FTSE follow the US markets higher in coming weeks.
Bottom is in IMao. This is now rounding off. Still volatile so hold tight.
Lower than 6975 & im wrong.
Traded Action Notifier Price Amount Value
11-Oct-18 Buy James Mitchell 1,142.10p 40,357 £460,917.28
08-Oct-18 Buy James Mitchell 1,201.40p 14,574 £175,092.04
05-Oct-18 Buy James Mitchell 1,189.40p 13,000 £154,622.00
20-Sep-18 Buy James Mitchell 1,129.60p 19,992 £225,829.62
Last 4 Director Buys over last 6 weeks to the value of nearly £1m.
This should reverse ...
This now looks great. Price is robustly backtesting the 200DMA which it's broken as part of an inverse H&S set-up. The measured move would take us to new highs around 2000. This would be your entry price - invalidated with daily close below 200DMA
This has formed a large inverse H&S following the completion of a smaller one earlier in the week. Bears might have got sucked into what looked like a H&S top on the hourly but has subsequently failed - zooming out to the longer time frames gives us this structure shown on my chart.
The immediate target for longs here is the neckline / recent high at 1.162. I ...
We ant see here that below $11 we entered a weekly demand area and immediately posted a hammer candle. The bottom indicator on this chart is the COT index and commercial traders (red) have been turning bullish over the last few weeks driving this reversal.