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FTSE

UK FTSE coming under profit-taking pressureFTSE has failed to maintain the test of the 7340, (150%) projection of the October-November fall, with prices falling sharply from 7354.15. A corrective bounce is currently developing from above the 7130~ high of October 2016, but falling stochastics and weakening investor sentiment are expected to limit upside tests. In the coming weeks, further losses are looked for, as profit-taking pressure increases, with a break below 7130~ targeting the 7095, (38.2%) retracement of the October-January rally. Still lower is congestion around 7000. An unexpected close above the 7354.15 high of 16 January is needed to negate downside tests, and confirm continuation of the broad 2016 rally towards the 7395 projection.
TVC:UKX
by Michael_Macdonald-XATSUK
FTSE 100 - Short term sellSince the vote on Brexit, the path taken by the index is fairly obivous. The impulsion started at the end of June then is followed a period of consolidation from beginning of August until the end of 2016. The new year started with a serie of new highs when the index reached 7341 The daily graph shows some sign of a reversal with a recent cross of the MACD, a momentum about to go into negative territry and a clear downtrend on the RSI. These indications open the way for a short term downtrend. This feeling is confirmed by the weekly chart, showing a nearly perfect Marubozu, sign of a reversal in investors' mind and displaying an obvious sellers' dominance. - Short term, close long or open short to get the opportunity of the index going down until its trend (or 50) near the 7,000 mark - Mid to Long term, the uptrend still prevails. - A break below the 7,000 points would confirm the short term short position and initiate a short position. - On the contrary, a rebound would be a good entry point for a long position
FX:UK100Short
by gbattini_STA
We remain cautious of further FTSE gainsFTSE continues to strengthen, with the bounce from the 6676.56 monthly low of 4 November posting new highs to pressure the 7340, (150%) projection of the October-November fall. Continuation to the 7395.00 projection cannot be ruled out, but profit-taking risks are increasing at higher levels, as studies remain mature. In the coming weeks, profit-taking risks are highlighted, but downside tests should remain limited as background studies improve and investors maintain a buy-into-weakness strategy. Support is raised to the 7210 break level, but a close below the 7130~ high of October 2016 is needed to add weight to prices and turn investors cautious. A further close below congestion around 7000, however, will open up the 6875.40 low of 12 December as investors subsequently move to a negative stance.
TVC:UKX
by Michael_Macdonald-XATSUK
Sage Group ready to roll over?We are on the hunt for short ideas as we expect to see some form of pullback in equities in the short term. Sage Group is in a long term downtrend and has underperformed the benchmark index over the past 1-3 months on a relative basis. The shares have rallied into downtrend resistance as well as a combination of the 50 & 200 day moving average. There was also a bearish engulfing candle on Tuesday. We therefore expect to see this fall in the short term. Stop loss at 667p, targeting a move to retest the recent lows around 620p
LSE:SGEShort
by Investamate
FTSE gains to prove progressively more difficult to maintainFTSE continues to strengthen, with the bounce from the 6676.56 monthly low of 4 November posting new highs above the psychological 7200 level at 7211.96. Continuation to the 7236.25 projection is highlighted, but further gains are expected to prove progressively more difficult to maintain, as studies begin to mature. In the coming weeks, profit-taking risks are highlighted, but improving background studies should limit downside tests, as investors maintain a buy-into-weakness strategy. Support is at congestion around 7000 with any break turning investors cautious once again as subsequent focus turns to the 6875.40 low of 12 December. Further slippage below 6800 will add further weight to sentiment as critical support at 6655/75 then comes into view.
TVC:UKX
by Michael_Macdonald-XATSUK
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