UKX Hourly - Decent RR area for a short Re-testing upper resistance - good area for a short (based on assumption first break higher was false) Can continue to add to short if momentum to the downside picks up. SL - prior high (7035). Should we take out 7035, it becomes a false break lower and the picture will turn bullish
FTSE
FTSE100 Buy SignalPattern: Channel Up on 4H.
Signal: Buy as the price is rising following a (near) Higher Low on the pattern.
Target: 7120 (the 1.382 Fibonacci extension).
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UKX Hourly - Higher high following successful bounce off supportHigher highs and higher lows are in place following a successful bounce off lateral support. Still favouring a long bias with a full target of 7050ish and SL of 6890. I am expecting some resistance around 6965 (NB NB) - I will be monitoring closely for any potential reversal. Through this crucial point, one can look to add to their longs, but a reversal here will see me swing to a short position. Updates to follow as we progress
FTSE Elliott Wave View: Pullback Should Continue to Find BuyersShort term Elliott wave view in FTSE Index suggests that the rally from February 27 is unfolding as a 5 waves impulse Elliott Wave structure. Up from February 27 low, wave ((i)) ended at 6812.78 and pullback in wave ((ii)) ended at 6619.89. Index has resumed higher in wave ((iii)) with subdivision as another impulse in lesser degree. Up from wave ((ii)) low, wave (i) ended at 6792.23 and dips in wave (ii) ended at 6713.63. Index resumed higher in wave (iii) towards 6949.56 and pullback in wave (iv) ended at 6853.75.
Expect wave (v) to end soon which should complete wave ((iii)) in higher degree. Afterwards, Index should pullback in wave ((iv)) to correct the cycle from March 25 low before the rally resumes higher in wave ((v)). As far as March 25 pivot low at 6619.89 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. The pullback in wave ((iv)) in 3, 7, or 11 swing should ideally end at 23.6% – 38.2% Fibonacci retracement of wave ((iii)). This area can be measured once wave ((iii)) has ended and pullback has started.
FTSE UK Stock Index FTSE (16 FEB 2021) View On UK Stock Index FTSE (16 FEB 2021)
We are seeing strong support region of 6,500 and as long as it held well, we shall be the further rise of it.
We shall see 6,900 sooner or later again.
DYODD, all the best and read the disclaimer too.
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VUKE Daily - trimmed back to u/weight waiting for better levelsI had used the green accumulation zone to add to my positions - after a successful run I have taken profit on the majority of holdings leaving me net underweight. I am hoping for a dip back to the red zone where I will look to start re-entering.
SHORT FTSE (UK100) 1-2 DAYS - 1hr chart - zoom out for contextThe chart speaks for itself. Nice top, but I'd like to see it go down again to retest level underneath and rise again - as scenario 1 follows.
Might be a few days to do so, but considering movements the last two months, where I have been following FTSE closely,
it does not have the strength to keep going as is right now.
It might also happen that it loses a lot of strength and searches towards bottom half of the pitchfork - as scenario 2 follows.
You can zoom out on the chart and see where I get my levels and lines from.
Would be nice and healthy to down a bit and find some more strength. Although,
April is historically a positive month for stock markets, so I believe it will go to an ATH. Perhaps, in the interval 20-30th April.
Stay healthy.
$UKX Hourly - Possible consolidation before final push higherMinor bearish RSI divergence has appeared on the hourly. Trend is still clearly up and full target of 6870 BUT momentum appears to be slowing. Taking some profit here on my longs and will look to add on a test of the green zone at 6780/6790.
FTSE: LONG OR SHORT ?Following the world economic recovery, FTSE is now in a bullish cycle and here's our view for the upcoming days:
1.LONG : If the price retests the lower trendline and forms back a green bullish candle on the H4 timeframe, a Long position can entered there. And when the price reaches the green doted line, an additional Long position can be entered with more confidence since the price will be breaking a peak that was reached before.
2.SHORT : If the price breaks successfully the lower trendline with many bearish candles, then and only then a Short position can be entered.
FTSE 100 Edging Towards 7000The FTSE 100 has failed to break and close above the February 2018 low at 6536 for a number of months now.
You can see the December 2020 candle and the candles for January and February 2021 traded above this level
but ended the month by closing below this level.
With one more trading day of the month left to go, we may well finally see that close above 6536 and if this
is achieved then we should continue to see bullish moves in UK stocks.
Although the move up has been rather sluggish, price has gained good ground following the 22% decline we
experienced in February and March 2020 at the peak of the global pandemic. In March 2020 price continued
down and found support around the 5000 round number before moving back to the upside.
With a bullish end to this month’s candle, the next level of resistance is 7000 and following that we have
the all-time high at 7903, which is the May 2018 high. We will be able to get a better perspective of price
action once the candle for March closes and decide on which opportunities we want to take positions in.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
$UKX Hourly - Backtesting channel break We are currently testing Friday's channel break. Good RR levels to go long for those who currently don't have a position. Nice gap at 6780 I would like to see filled, as well as the full target of the bull flag and inverse H&S of 6870. We have seen some month end selling during the previous few months which is something to keep an eye on and more reason to keep stops tighter. On the other hand, this month may be different given it is tax year end in the UK. Summary: Long with a tight stop
UKX Hourly - Bullish picture intact despite yesterday's wobble Bottom of the red lateral support held despite yesterday's brief wobble lower. In hindsight it was a great buying opp for those that missed the morning's bullish confirmation. Still looking for full target of 6870 - however not in a straight line
FTSE100 - Triple bottom formedFollowing on from my previous idea, the FTSE has continued to show strength at this level of support.
A triple bottom has formed at what looks like the bottom of the cup in a cup and handle pattern.
If FTSE traders were bearish, the drop from the rising wedge would've been steeper. The news around the vaccine spat with the EU would've also likely caused a steepeer slide. However, because the bad news has been absorbed, we can assume traders are bullish (for now).
I think the only thing stopping the FTSE from moving up is the current fears around lockdown on the continent. Technically speaking, I like how the chart looks. Bulls seem to be defending the 6700 level well. Fundamentally, the fears over lockdowns worries me about this setup, but I'm still confident it will play out.
See chart for entries and exits