FTSE – Bearish Signals highlight change of trend

1 19

Monthly: For the last 110 months we have held within a bullish channel formation. Levels above the 127.2% extension level of 7700 (from 3277 to 6751) continue to attract sellers.

Weekly:  Levels close to the 261.8% extension of 7928 (from 5499-6427) found sellers. An inverted Hammer can be seen at the top of the weekly trend. The trend of higher lows is located at 6993. This is close to the 38.2% pullback level of 6981 (from 5499-7903) and is our prime short entry target zone.

Daily: Posted an Evening  Star formation from the high. Broken the channel formation to the downside. Bespoke support is located at 7510 and offers and offers a mild barrier to the downside. Reverse trend line resistance is seen at 7834

Intraday (four-hours) – The 261.8% extension level from the 7903-7765 move is located at 7541, close to bespoke support of 7510. Any corrective rallies from this zone are likely to be mild and limited.


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss