FTSE100 Double Buy short-term and long-term break-out.The FTSE 100 Index (UK100) has broken below its 1D MA50 (blue trend-line) and is approaching the 1D MA200 (orange trend-line), which is the first short-term Support. The medium-term is the 1W MA100 (red trend-line) and those two are our buy entries for a 7800 Target. This is just under the Lower Highs trend-line from the All Time High (February 16 2023).
The 1D RSI is close to the 30.00 oversold barrier and past price action in March 2023 and October 2022 shows that the 2nd break below it, is a Buy Signal. The pattern overall with the Lower Lows in Support and inner Lower Highs, resembles that of December 2021 - May 2022 (so far).
As a result, we are only willing to take a long-term buy, if a 1D candle closes above the inner Lower Highs trend-line. In this case we will target 8200. The potential extension towards the end of the year can even be as high as the 1.382 Fibonacci extension (8350) which was where the February 16 2023 High was priced.
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Ukstockindex
FTSE Has Completed RetraceThis has retraced as expected to previous resistance and 0.5 Fibonacci. I will be waiting to see how this develops before entering a long as this could drop further, watch for the EMA's to cross back over or come very close to. If the price does hold this level then a target TP can be 7031.
FTSE: Bullish and bearish scenario explained.The UK index was strongly sold near the 7,730 Resistance this month and has so far reacted with a decline. This drop is so far being contained on the 1D MA200 (orange line). 1D has turned neutral (RSI = 47.582, MACD = 11.270, ADX = 21.739) which is normally an indication of support.
Following the Golden Cross late in December, this sequence is similar with the last Golden Cross occurrence in April, 2019. Same pattern with a top afterwards, rejection and support on the 1D MA200. So as long as the orange rectangle (seen on the chart) holds, we are bullish towards 7,670 - 7,730. If the orange barrier breaks, then selling will most likely escalate towards the 7,000 1W Support.
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