Momentum:
MACD: Positive
RSI: Positive trend
Stochastic: Sell
Daily Price Action Trend: Neutral
Last relevant high: 16,485.8
Last relevant low: 15,960.5
Comment:
Answers on a postcode to tiptv about what traders were thinking about on Friday… oh yes… non-farms…
As discussed in the FTSE blog all technical setups can be ignored if the data spooks the market and with our experienced heads we tried our best to put that across, and experienced paid off as not being in the market last week should of saved traders looking at the daily time frame money. There are three patterns in quick succession none of which would of led to a profit, but that is the week before non-farms! New traders if the only thing you learnt last week was trading before big economic announcement is like playing roulette than you are on your way to becoming better at your chosen profession.
Technically a sell pattern was formed and the daily price action trend has turned neutral. This pattern will remain in play assuming 16,423.8 isn’t bettered without 16,129.8 being broken. As we do not have any clear confirmation from the momentum indicators only aggressive traders would consider attacking the market at these levels.
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