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
Seems like it will keep pushing lower.
ReplyDeleteIt found some support at 7194.
ReplyDeleteLet's see how low it will fall.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteImportant levels to keep in mind!
ReplyDeleteNot following the major indices
ReplyDeleteThanks for the analysis.
ReplyDeleteLet’s see how it keeps going.
ReplyDelete