FTSE
FTSE to find buyers at market?UK100 - Intraday
Indecisive price action has resulted in sideways congestion on the intraday chart.
Risk/Reward would be poor to call a buy from current levels.
Short term RSI has turned positive.
A move through 7425 will confirm the bullish momentum.
The measured move target is 7525.
We look to Buy at 7365 (stop at 7315)
Our profit targets will be 7485 and 7515
Resistance: 7425 / 7475 / 7525
Support: 7400 / 7340 / 7320
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FTSE REMAINS INDECISIVEIn the reported financial update, the FTSE 100 index experienced a slight decline of 0.11% to close at 7,401.72 on Wednesday. This drop was primarily driven by weaknesses in the financial and mining sectors but was partially offset by robust results in the retail sector. Notable companies such as National Grid, BP, Shell, Anglo American, and Fresnillo contributed to the index's decline. In contrast, Marks & Spencer reported a significant surge in first-half profits, leading to an almost 9% increase in its share price. Other retailers like JD Wetherspoon saw strong sales growth, while ITV reported modest revenue improvement but faced a 6% drop in its share price.
Additionally, the economic news highlighted Eurozone retail sales declining for the third consecutive month, with notable drops in non-food products and automotive fuel, though August's figures were revised upward.
On the technical side, RSI is in the neutral zone, but MACD is showing buy signals. In case of Bullish movement, the price might reach levels of 7491. As a pivot point might be considered 7409, from where the price might fall to 7351.
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FTSE100 - Long Signal (Relief Rally)FTSE100 D1
Buy some came into play late last week, following the latest stock dump, we have since started to bounce following an upside gap, pushing as much as 1.7R, but sat at a current 1.3R.
Eyes on FTSE100, we may see a second attempt bounce from that 7265 support price. It's going to be a busy week, I can't stress that enough, with all the risk events, economic data and earning figures to come out, NFP, AE and UE figures Friday too.
FTSE Last drop before buying for the medium-term.The FTSE 100 Index (UK100) delivered a strong short-term buy signal last time we looked at it (see chart below):
The index has been since rejected twice on the Lower Highs trend-line of what is almost a year long Descending Triangle. We will wait for a test of the Support Zone, ideally when the 1D RSI tests its Higher Lows trend-line and buy for the medium-term. Our target is the 0.618 Fibonacci retracement level at 7535.
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UK100 H4 | Heading into 50% FiboUK100 is rising towards an overlap resistance and could potentially reverse off this level to drop lower.
Sell entry is at 7551.55 which is an overlap resistance that aligns close to the 50.0% Fibonacci retracement level.
Stop loss is at 7592.01 which is a level that sits above the 61.8% Fibonacci retracement level.
Take profit is at 7465.61 which is a pullback support level.
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FTSE Elliott Wave Analysis for Tuesday 10/10/2023The higher timeframe gives us two equally valid scenarios. On the lower timeframe, it looks like wave X is finished. However, as long as we see too much overlap in the upward move, we cannot exclude the secondary scenario. The secondary scenario calls for two more swings as a wave (b) and (c).
FTSE Elliott Wave Analysis for Monday 09/10/2023 (+ Higher TF)The higher timeframe gives us two equally valid scenarios. On the lower timeframe, it looks like wave X is finished. However, as long as we see too much overlap in the upward move, we cannot exclude the secondary scenario. The secondary scenario calls for two more swings as a wave (b) and (c).