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FTSE100 - POSSIBLE INVERSE HEAD AND SHOULDER PATTERN WEEKLYToday, Bank of England governor Mark Carney said a rate cut is needed after the Brexit vote and hinted that it could come as soon as this summer! This news got the FTSE and the DAX flying up to nearly 300 points. Also, the Feds stated this week that they may cut rates this summer as well, possibly even this month (July) so that is really great news for global indices. However, with the political uncertainty in Europe and UK, it wont be a sure bet! I believe the UK and European stocks will suffer later this year due to Brexit after shocks. I still expect more downside for FTSE100 and pound in particular but after today's news I think the markets will rally up first, ftse back near its all time high around 7100. On the Weekly chart, I have identified a possible inverse head and shoulder pattern that has already broken the neckline today. We have the 200 MA support around 6460 and also our neckline support around 6400. In this case, our entry would be around 6460-6500 with stop loss below 6370 with a potential target of 7100.
FX:UK100
by Sagefx
1
FTSE Market Technical ReportStocks and Gilts rose, but prices for industrial metals and the US dollar retreated after the minutes of the US central bank’s policy meeting were released overnight. The initial reaction from many traders and economists to the Federal Reserve’s minutes was that a December interest rate hike was now quite possible, but for some – especially the former – apparently not certain. The FTSE 100 ended the day in green by 126 points at 5900. In the day market, if it crosses the resistance level of 5950 on upside after consolidation, then it can test the level of 5970 and the immediate Support level is 5830. AVIVA PLC RECOMMENDATION BUY TARGET 490 The Major trend of AVIVA PLC it is showing strength for buying If it crosses the resistance level then one can initiate buying position in the stock. If it crosses the level of 480 then it can test level for the target of 490 with the stop loss of 470. CHART FORMATION:- Stock is trading in a range and trading near the trend line. Breaking the support line will lead to upside movement. Stock is trading above the 50 DMA with a negative bias. INDICATORS:- RSI is trading near to 62 levels with a positive bias, in upcoming session upside movement is expected. MACD and Signal line is sustained above the zero level line. www.tradingsignalreviews.com
LSE:AV.Long
by piponomics
12