UK professional trader of mainly equities, but with some commodities thrown in occasionally (I'm not FCA authorised to distribute advice and therefore everything here should be viewed as for entertainment purposes only.
The FTSE 100 is beginning to rise towards the top of a multidiagonal pattern again. It looks to me like this is setting up for a short, but beware that the FTSE has been difficult of late to chart accurately.
It' hard to give a sense of direction here coming up to this inflection point, but with negative Trump news breaking on ObamaCare and Travel Restrictions, I would perhaps have a natural short bias here at these strongly bid up levels.
I like this trade as it looks like Darwin are moving out of the stock, which should provide a catalyst for a move upwards.
The technical benefit of the multidiagonal confluence suggest this could go on a good run upwards in the coming days.
There's a multidiagonal target on Cable (GBP/USD) at just below the 1.30 level that looks like it could be met. At the moment it looks like it will probably get there via a short squeeze on GBP shorts rather than necessarily momentum, but we'll see...
There's a nice buy confluence on the chart pointing towards a move in late March here. I think there's a chance it could break early though, as there are a lot of other companies with confluences in early/mid march and this could be dragged up accordingly.
A long term multidiagonal confluence occurred here just after the new yea. While there hasn't been a significant shift to the upside since then, I like the recent update and the positive oil price environment.
These factors combined suggest to me that we could be due a good rise here.
Uk gilts look like a short here on the break of multidiagonal support. There's a confluence somewhere between April to August so i would be expecting a drop to around the 11.50-12.00 level on a longer term basis.
A short set up is nicely appearing here at this long term multidiagonal. Expect a big move downward here.
Also, this corroborates with my short views on the FTSE, as HSBC amounts for (currently) 7.3% of thw weighting of the FTSE 100.