FTSE – Bearish Signals highlight change of trend

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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.

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