Friday, September 22, 2017

UK100 Down

Here is another index chart this time being the UK100 Daily analysis. For some time within this index price had been trapped between the 7448 resistance and the 7300 support which you can see we have highlighted with a arrow.

Price on Thursday last week showed a large bearish move which left price sitting at the 7300 support. This support on Friday last week was broken to the downside with a large bearish candle. Taking a short position is not yet advisable as a break is yet to be confirmed.

Price also broke through the 200EMA, with the 20EMA also crossing bearish with the 50EMA. We are now keeping a close eye on this market for a potential retracement/retest of the 200EMA or the 7300 support turned resistance. The next support within this index is the 7120 area.

Don't forget the speech by Prime Minister May later today. This could create a spark in the stock market and help direct it.

Chart: UK100, D1


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