31st May FTSE 100 Index Update UK100
FTSE bounced away nicely off the support zone at 7600-7580
and really we should have reversed back long off 7600 with
stops below 7580. My bad here.
But it's beginning to struggle and if you were slick enough to
reverse long again without prompting the long stop needs
raising to just under 7680 here.
Any failure to hold this level will open the door to another
short back to 7600-7580 range which must hold up when
retested if this index to avoid a more protracted fall over the
summer months back to the 7340-7294 range.
Returning to the upside in the very near term FTSE is on a
knife-edge and trying hard to form a little bull flag using the
support line at 7685 as the base - once 7680 fails the flag fails
and we get a short opportunity from there, as above.
But there is also a chance that the flag will succeed at this
point but it will need to push above 7715 here to follow long
with stops below 7680 looking for 7745 minimum and 7792 at
a likely maximum before it falls away again.
For real-time updates for more active traders of the major markets (outside of Crypto) please see the link at top left of main page
FTSE bounced away nicely off the support zone at 7600-7580
and really we should have reversed back long off 7600 with
stops below 7580. My bad here.
But it's beginning to struggle and if you were slick enough to
reverse long again without prompting the long stop needs
raising to just under 7680 here.
Any failure to hold this level will open the door to another
short back to 7600-7580 range which must hold up when
retested if this index to avoid a more protracted fall over the
summer months back to the 7340-7294 range.
Returning to the upside in the very near term FTSE is on a
knife-edge and trying hard to form a little bull flag using the
support line at 7685 as the base - once 7680 fails the flag fails
and we get a short opportunity from there, as above.
But there is also a chance that the flag will succeed at this
point but it will need to push above 7715 here to follow long
with stops below 7680 looking for 7745 minimum and 7792 at
a likely maximum before it falls away again.
For real-time updates for more active traders of the major markets (outside of Crypto) please see the link at top left of main page