$UKX Hourly Building up for another larger H&S?False break higher in wedge confirmed = bearish. Potentially better short entries points coming up
FTSE 100 Index
$UKX Hourly - H&S forming, wait for confirmation H&S forming, wait for confirmation. Could be a false break higher out of wedge = would be very bearish for the index
FTSE outlookPrice testing a trend line here. A break higher opens more target levels.
Of the uptrend line break, we can see lower levels before buying the dip.
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Good Luck and Stay Healthy!
$UKX Hourly - Top of wedge & RSI >70Been a good run... and run a bit hard. Time for a pull back I think
FTSE breaking resistanceFTSE breaks resistance and now at 50% fib level, a break higher is a buy to target 6400 level.
So far risk on mood everywhere.
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FTSE outlookFTSE tested 200SMA yesterday and rejected, now still trying near it. If it breaks to the upside, targeting recent highs and potential retest of the broken uptrend line.
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Good Luck and Stay Healthy!
FTSE trade ideaFTSE went straight up after open, now confirmed a down trend line with a 3rd touch.
Wait for the break to buy and target 6000.
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FTSE outlookPrice failed to break 50% fib level on Friday. Now formed a potential double top there. Break of the neckline opens targets lower.
Break higher opens way to 61.8%.
Bank of England now put negative rates on the table and escalating US-China relations create potential for a bearish week. A short would be better for risk.
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$TSCO WeeklyMulti-year bottoming pattern. Higher highs, and higher lows. 200w SMA providing decent support.
FTSE OUTLOOKFriday closing the week on a high note perhaps. Wait for the break of 200SMA to target 5880.
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FTSE - Selling a re-test of the channel UK100 is Bearish - We look to Sell at 5965
▪️ Overnight price action has drifted lower and remains pressured by the medium term bearish bias.
▪️ Levels close to the 61.8% pullback level of 6000 found sellers.
▪️ Broken out of the channel formation to the downside.
▪️ We look for a re-test of the upward trending resistance.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 5965, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 6015
Target1: 5665
Target2: 5500
FTSE trend line retestFTSE is on the way to retest the broken trend line again.
Potential to looks for reversals on smaller time frame to trade the bounce.
Morning started on a bullish note for equities and US session starts in 30 mins, so volatility will go up.
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#UKX ANALYSIS.. FOLLOW THE PATTERN!.. I think that there will be a long-term correction wave in the global markets on a macro scale, in this context, I think we will observe a pattern in #UKX as I mentioned in the chart.. Markets will become very interesting after 3,4 months, we will wait and see..
What I wrote is about strong possibilities that most investors do not express or expect.. Please do your own due diligence when it comes to trading.. Invest at your own risk..
I wish you all the best..
$BT/ Hourly - Further downside looking likelyH&S forming, will be confirmed with break of NL = 118. Would like to see gap at 111.80 filled. Full target = prior low at 107.60
Clear Rising WedgeNice looking rising wedge . A lot of people probably expecting more downside here though so my guess would be that it fakes out...
FTSE - Selling a re-test of the broken channel UK100 is Bearish - We look to Sell at 5933
▪️ Broken out of the channel formation to the downside.
▪️ We have a 50% Fibonacci pullback level of 5936 from 6209 to 5665.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 5933, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 5983
Target1: 5665
Target2: 5627
FTSE 100 - Short Seller's GiftA few days ago I posted on the FTSE 100. I mentioned at that time the (now clear) Bear Flag formation in blue.
We've broken out of that Flag for a few days now and have been in a sideways horizontal channel so far.
I can only see this as gift for anyone who hadn't already been short.
There's a potential 15% downside retracement that I've penciled in: by calculating the vertical height at the start of the Flag formation - and using that distance from the breakout point.
Any contrary views I'm happy to hear.
Adrian
The FTSE 100 Holding At SupportThe FTSE 100 has been held up by a strong level of support over the past couple of months.
February 2016 created a low at 5499 which was retested in March and April 2020 and going into
May, we want to see momentum to the upside.
Identifying major levels of support in advance is very useful because it will give you an objective
view of the markets, it also prepares you in advance for potential opportunities.
In this case, we will be getting ready for shorting opportunities if price decides to trade below 5499.
If price remains above support and begins to rise then we can prepare for long opportunities.
Price is still below the daily 200 simple moving average (not shown) and we want to see price move
above it, but ultimately we want to see price break above the current all-time high at 7903 before
looking for long opportunities.
For now, we will continue to stand aside from entering positions in stocks while we preserve our capital.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
$UKX Being rejected off prior channel supportBack into no-mans land (red area) - I wouldnt be surprised if we see 5715
$ULVR Hourly - Short. H&S confirms bearish weekly chart A few weeks ago I highlighted a topping pattern in the weekly chart. The hourly chart confirms this bearish view
