Technical Analysis

FTSE Chart Evaluation – Surge Pushes Value from One Degree of Resistance to One other

FTSE Technical Highlights:

FTSE buying and selling into zone from final yr, due for a breather

Pullback due, taking it one step at a time

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FTSE buying and selling into zone from final yr, due for a breather

The surge off the late-January low has been nothing however momentum, with resistance by the use of a trend-line extending decrease from August and highs final month being taken out with ease. This cleared any probability of a corrective wedge forming, a risk mentioned final week.

Yesterday, value prolonged into the necessary resistance zone from round 7145 as much as 7220 or so. This space marks the swing low from September that acted as help and the a number of day by day highs throughout October and November that acted as highs.

Shorting when momentum is that this robust isn’t a straightforward sport, however a pullback does look to be upon us. Whether or not it seems to be a constructive pullback for an additional try to commerce larger or whether or not it would morph into an outright decline is but to be decided.

From a tactical standpoint the near-term favors weak point and we’ll have to attend and see how the retracement unfolds for higher directional cues. Assist doesn’t arrive till round 7000, a maintain nicely above there can be thought-about a constructive and probably result in a take a look at of the 200-day MA sooner or later. A robust push under 7k would deliver into play trend-line help and with it an necessary take a look at of the trnd off the 2018 low.

Try this information for four concepts on the right way to Construct Confidence in Buying and selling.

FTSE Each day Chart (At Resistance)

FTSE daily chart, at resistance

You’ll be able to be part of me each Wednesday at 10 GMT for dwell evaluation on fairness indices and commodities, and for the remaining roster of dwell occasions, take a look at the webinar calendar.

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—Written by Paul Robinson, Market Analyst

You’ll be able to comply with Paul on Twitter at @PaulRobinsonFX


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