UKX Hourly - Good RR for a small longRsi divergence coupled with some long tailed candles. Small long targetting 7085.. Stop at the todays lows
FTSE 100 Index
UKX Hourly - Decent RR for a bounce I think theres a decent RR on offer here for a small long... stop at this mornings lows. Targeting 7140, 7155 and 7180
UKX Hourly - Bear flag loading After a false break higher out of the upward channel (bearish), the sell off has been relatively quick. Currently a bear flag building. First target is 7185 with lateral support coming in around 7140
UKX Hourly - Top of channel + divergence continuesOnce again at the top of the channel. Bearish RSI divergence continues. Good RR for a short
UKX Hourly - Top of channel, RSI divergence Index has reached the top of the upward channel. I would expect to see a pullback here. RSI has failed to make a higher high in line with the price action, indicating divergence.
$UKX Hourly - Target hit & can re-enter short We hit target out the gates this morning, but the subsequent bounce has offered another opportunity to re-short. Stops at 7255. Targeting initially 7190, but would like to see 7150 tested. Month end today so volatility not unusual.
UKX Hourly - Consolidating below prior support Index has broken upward sloping support and has been consolidating below prior support for the majority of the day. I favour further downside - looking initially for 7180 region.
VUKE Daily - Lightening position here Taking some profits here as we hit resistance. Will looking to start accumulating again if/when we re-test 31. I was overweight the ETF ahead of the divi so happy to go slightly underweight here
UKX Hourly - Time for a cool off Massive push higher this week on FTSE and RSI looking very overstretched on shorter time framed charts. Good place to take profit on long positions or alternative a small short position with a tight stop. Would like to see the 7060 area re-tested
UKX Hourly - Testing resistance watching closely for a potential break higher. Currently testing downward sloping resistance. A break and hold above 7185 targets 7235
UKX Hourly - Push higher likely to stallI would be surprised if this bounce continues much higher before a pullback/some consolidation. We are hitting double resistance - Lateral and downward sloping. There is also some hidden bearish RSI divergence. Ideally would like to see 7070 tested and then will re-assess
UKX Hourly - Remains bearish below 7190We've had a bounce off oversold levels this morning but my bearish thesis remains whilst we are below 7190. Next downside target is 7060.
UKX Hourly - Bearish engulfing The Hourly bearish engulfing candle confirms my short thesis as well as puts a line in the sand as a stop loss (7225). It has been a frustrating ride so far so hoping we can pick up some momentum to the downside
UKX Hourly - Approaching double resistance FTSE has a habit of issuing a signal then giving one last final squeeze - is the same happening again post the break down of the rising wedge? I'm still holding onto my prior shorts and using this opportunity to add. Currently at double resistance at 7190. RSI also showing divergence as well as being overbought. Good RR here I reckon for a short.
UKX Hourly - Hourly close here will confirm the break lower Bearish rising wedge has broken lower but need the hourly close to confirm. Downside targets are 7060, 7025, 6980 and 6940
UKX Hourly - Still favouring a short Top of channel again, coupled with lateral resistance. Bearish RSI divergence, as well as a potential rising wedge forming
UKX Hourly - Testing upper resistance againFTSE has shot higher this morning, but is testing the upper resistance of the megaphone pattern we identified last week. Coupled with bearish RSI divergence there is decent RR to go short here. I have already started scaling in
UKX Hourly - Nice pullback off resistance Nice pullback this morning off the top of the megaphone formation identified yesterday. There is double support around 7015/25 = lateral and upward sloping. A break below here targets 6980 and 6940. 6900 would see the bottom of the megaphone formation and the next large support region shaded in red. My bias would like to see it lower - but ideally would need to wait for confirmation. Also need to bare in mind that its not unusual to see selling into month end followed by a rally at the beginning of the new month
UKX Hourly - Approaching top of megaphone Looking good for a short as it approaches top of megaphone formation within the red lateral resistance zone. RSI also looking stretched. First targets are 7055 and 7025
UKX Hourly - Lost channel supportLost channel support after testing significant resistance (breakdown level from last week). Targeting the red area = 6860/6900
UKX Hourly - Consolidating before next leg higher Decent bounce o/n / this morning following yesterday's sell off. I still favour a further move to the upside to test the initial break down. Can potentially see a bit of consolidation here in the red zone before targeting 6980. RSI has also broken out.
UKX Hourly - Approaching lateral supportThe 7025/6080 support area failed as expected following 4 previous bounces and a subsequent bear flag. We are now approaching new lateral support as the RSI heads into oversold territory. I will look to start averaging back into my ISA and SIPP accounts hoping for a bounce. When zoomed out the longer term picture is looking slightly more worrying - we may be approaching a sell a rally vs. buy the dip. Will monitor closely
