UK 100شراء
Don't Short The FTSE 100
This commentary below was originally published on our client platform on Monday 30-August.
"Persistent tests of a level may eventually see it being breached, with a new range and trend potentially being established. When reviewing the daily chart of the index, this may be the setup as the price trades near the upper boundary of a 5-month range, with 3 tests each of both of support and resistance having been made. On 19 August, the price traded into and rebounded off the 61.8% Fibonacci retracement level while also holding the pivot. The rebound itself was also in line with the 50-day exponential moving average which is now gradually rising. We also note the price rising from its volume shelf, suggesting strong interest and activity around the current level. A close above 7219 could see the price establish a new range. Temporary failure is a close below 7027."
Time Frame: Medium term
Current Level: 7173
Note: On multiple occasions throughout this year we have reviewed the FTSE 100 with 'buying on pullbacks' being a predominant feature in our commentary while also recommending counter-trend 'shorts'. Short idea attached, where full target was reached.
For real-time insights and ideas, get in touch today.
"Persistent tests of a level may eventually see it being breached, with a new range and trend potentially being established. When reviewing the daily chart of the index, this may be the setup as the price trades near the upper boundary of a 5-month range, with 3 tests each of both of support and resistance having been made. On 19 August, the price traded into and rebounded off the 61.8% Fibonacci retracement level while also holding the pivot. The rebound itself was also in line with the 50-day exponential moving average which is now gradually rising. We also note the price rising from its volume shelf, suggesting strong interest and activity around the current level. A close above 7219 could see the price establish a new range. Temporary failure is a close below 7027."
Time Frame: Medium term
Current Level: 7173
Note: On multiple occasions throughout this year we have reviewed the FTSE 100 with 'buying on pullbacks' being a predominant feature in our commentary while also recommending counter-trend 'shorts'. Short idea attached, where full target was reached.
For real-time insights and ideas, get in touch today.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.