FTSE 100: Coming towards a possible support area

Content:

Momentum:

MACD: Negative

RSI: Negative trend

Stochastic: Sell signal formed, in oversold territory

Daily Price Action Trend: Negative

Last relevant high: 5,945.9

Last relevant low: 5,499.5

Comment:

The FTSE followed the rest of the world markets lower as on-going economic uncertainty keeps the bulls on the side-lines. The wise heads here trader through the last steep declines and some advice we can pass on to new traders is to ensure you are looking at the worldwide markets, watching the US and Asia, as well as the price of gold and oil will help ensure you are making sensible trading decisions.

From a technical perspective, we remain in a bearish trend but we are coming towards possible support, remember this is possible support! The trend in this instance, to coin a phrase remains your friend, from the last sell pattern the market has fallen a realistic 150 points aggressive traders could of profited from following our morning report, so all we can say is….

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