FTSE

Content:

Momentum:

MACD: Negative

RSI: No clear trend

Stochastic: Buy 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 rallied strongly on Friday, stopping out any short positions, those who follow candles stick patterns may even be tempted to buy into the market after all:

We have a positive pattern that has been formed (which will remain in play assuming that 5,537.0 is not broken without 5,707.6 being bettered)

The market has found support at a level we would of expected it to from past performance

We have a buy signal on the Stochastic in oversold territory

We are not against traders buying in here, some of us in TipTv’s think tank believe that pattern should constantly be followed and it is simply part of trading that not all signals will produce a profitable outcome, but by following them you will catch the top and bottom of the market.

Others argue that the overriding trend is far more important and sitting on the side-lines until a lower high is formed and then aggressively shorting the market to take advantage of the bearish trend is more prudent here…. Clearly this is the appealing argument when it comes to professional trading, no system works all the time and we will always have the discussion about the best way forward. But then again a market is made by two individuals disagreeing, one saying buy the other saying sell…..

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