Talk about a gravy train of just 'solid uptrend' in the past few years, wow energy stocks. They have just been the best blue chip stock investment out there - technology often outdoes it in bursts but the volatility has been high in tech- energy has just gone up and up. But that story appears to have reached THE END. Looking at the shares of BP, they never...
Every time the short term support line is broken the FTSE100 index has always reverted down to the red long term support trendline. Therefore, it is sensible to assume that this will be the case again. A buy target of 5000-5500 is reasonable, however if the index drops below 5000, all bets are off.
The UK100 is looking very bleak for the foreseeable future. A massive rising wedge has formed on the 3D and looks to break at any point in the next couple of months. Combine this with rising inflation and fears of conflicts in Russia, all provides the perfect setup for the UK100 to take a large pull back. It is also worth noting that the OBV has broken down...
The First signal of a market downturn was announced a few weeks ago by the japan Nikkei index
This 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.
simple buy setup. stay bullish till 7500+ good luck.
FTSE 100 has rejected 7600-7590 area in the 1hr time frame, 3 consecutive times suggesting that a correction is possible. If FTSE100 breaks below 7550 (23% fib level) we can see a correction upto 60% Fib levels at 7440-7430 levels. But FTSE needs to break below 7550 to trigger this trade. Stops should be above the recent highs.
See chart configuration for entry criteria... ***
Potential (small) upside target towards 7900. Otherwise, move down towards 7600 and 7500.