$UKX Daily Head & Shoulders
Updated
Daily head and shoulders forming - expecting a rally to 6950 to form the right shoulder.
Short 6950 Stop (Over Head) 7135 Target 6200
TECHNICAL:
- Head and Shoulders (LS and Head formed)
- Rising Neckline
- Expecting a rally to 6950 in line with (LS)
- A rally to 6950 would also coincide with a 61.80% retracement of the Nov 4th low.
- Anticipate the 20MA moving under the 50MA
FUNDAMENTAL:
- Brexit x2, Brexit x5, Brexit x10, Brexit x50, Brexit x100, Brexit +++ - D. Trump
- Looking out for future data releases on the Economic Calendar to signal general weakness
- UK GDP, Retail Sales and Manufacturing are of particular interest
I am anticipating a long term sell-off in
UKX based on the above information.
Near term target 6700 (Neckline) However it is quite possible BOE could step in and loosen Monetary Policy further (cut rates/ quant. e) which would give UK stocks another boost. So it will be important to gauge the economic and fiscal picture.
Short 6950 Stop (Over Head) 7135 Target 6200
TECHNICAL:
- Head and Shoulders (LS and Head formed)
- Rising Neckline
- Expecting a rally to 6950 in line with (LS)
- A rally to 6950 would also coincide with a 61.80% retracement of the Nov 4th low.
- Anticipate the 20MA moving under the 50MA
FUNDAMENTAL:
- Brexit x2, Brexit x5, Brexit x10, Brexit x50, Brexit x100, Brexit +++ - D. Trump
- Looking out for future data releases on the Economic Calendar to signal general weakness
- UK GDP, Retail Sales and Manufacturing are of particular interest
I am anticipating a long term sell-off in
UKX based on the above information.Near term target 6700 (Neckline) However it is quite possible BOE could step in and loosen Monetary Policy further (cut rates/ quant. e) which would give UK stocks another boost. So it will be important to gauge the economic and fiscal picture.
Trade active
Filled at 6951 again paying close attention to economic data and BOETrade closed: target reached
Closed trade at 6719.9I traded 0.01 Volume - in future I will trade at least double size so that I can take a partial and leave the rest to run over the weekend.
Learn and Earn!
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