Since the beginning of the year the main UK index gained more than 2.5% but last week ended almost flat with gain of less than 0.2% however it’s still hanging on to its bullish phase since mid-December 2016.
Last week the index initially fell but found enough support around the previous week open to trim all its loses and managed to close near the high of the week, although closed within the previous week range, which suggests being slightly on the bullish side of neutral.
The stochastic is showing a strong bearish momentum and crossed below the overbought zone although is still above the 50-mid line.
Expecting a downward move to a key level at 7,287.5 (scenario 1) on a bounce from a Fibonacci extension at 7,499 although a bounce from 2016 high at 7,084.5 could set in motion a push upward to a key level at 7,287.5 (scenario 2).
Great assessment, I will keep it in mind.
It’s consolidating sideways for now.
Informative review on current market conditions.
Good point! I’ll keep an eye on it.
Excellent analysis, very helpful!
Excellent information to keep in mind.
Important information, will keep it in mind!
Good posts, very helpful for all traders.
Thanks for the tips.