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FTSE

Daily Outside Bar just below the PRZ of a Gartley The German DAX continues to consolidate just below the PRZ of weekly bearish Gartley pattern. Today, after Draghi's ECB press conference, the German Index formed a daily Outside Bar that will be triggered if the price will decline below 10,600 For now, the Fast MA line (in yellow) continues to play its support role and drives the price higher every time it touches it. When it'll fail, it'll be the trigger for a pullback towards 10,000 again (with 10,350-10,400 as mid Target) to test the strong weekly support there.
FX:GER30Short
by themarketzone
FTSE 100 Medium Term Short: Divergence, BB, Missed PivotsThe FTSE 100 is trading near 6950, up more than 1200 points from the post-Brexit low of 5727. Fundamentally, this is because of the sharp fall in Sterling. However, technically, the FTSE 100 may be due for a correction. It has relentlessly traded upwards, however: 1) There is strong resistance to be expected at 7000, a psychological round number. 2) There is divergence on the 4H chart at 6950. 3) The FTSE 100 has traded outside its 800-period BB on the 4H chart for more than 2 weeks. 4) There are multiple missed pivots, monthly and weekly, amidst the FTSE's post-Brexit rally. This might suggest that we are due for a correction in the medium term, perhaps to the 6700 level. If Sterling recovers, the correction may extend to 6300. However this is unlikely given a dovish BoE, quantitative easing and the market pricing in further interest rate cuts.
FX:UK100Short
by Exercise-Discipline
2
7000 will be key weekly resistance zone for the FTSEAs "Brexit" vote didn't even happen, the UK index FTSE reached almost 2015's highs without even stopping at the 200 weeks MA line that should have acted as some sort of resistance... and failed. Now, near 7000, the FTSE completes a bearish Bat pattern (weekly) and also testing the bottom of a trading channel that held the price in it throughout most of 2013-2014. Interesting potential Sell Zone for the FTSE near 7000 See more details in this video - www.youtube.com
FShort
by themarketzone
5