UK 100 IndexShort
Bear Flag (FTSE 100) UKX - And Hopefully Not A Triangle!?
There are many suggestions that we're seeing an ascending triangle (with a confirmed breakout) on the UKX.
The white horizontal line shows the resistance of the Triangle.
Something just didn't feel right for me on that pattern - particularly the 'breakout' which seemed muted and weak considering this multi-week build up.
Instead I'm suggest a bearish flag in blue, which is more common in bear markets.
If correct - that would suggest an aggressive move to the downside, way below the support, in the coming week.
For now I'm holding onto my short.
Keen to hear your thoughts!
The white horizontal line shows the resistance of the Triangle.
Something just didn't feel right for me on that pattern - particularly the 'breakout' which seemed muted and weak considering this multi-week build up.
Instead I'm suggest a bearish flag in blue, which is more common in bear markets.
If correct - that would suggest an aggressive move to the downside, way below the support, in the coming week.
For now I'm holding onto my short.
Keen to hear your thoughts!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.