Momentum:
MACD: Positive
RSI: Neutral
Stochastic: Sell signal, in overbought territory
Daily Price Action Trend: Neutral
Last relevant high: 6,204.1
Last relevant low: 5,845.5
Comment:
The FTSE finished higher on Friday towards the high point of the session and of the week. Clearly non-farms dominated the session, but if the market didn’t like the announcement we would have a far more negative outlook!
Technically we note that the stochastic has a sell pattern in oversold territory and the RSI is slowly moving towards overbought readings. A negative candlestick pattern will be produced if: 6,130.5 is broken without 6,204.1 being bettered. With no planned big US announcements this week we would hope that any patterns produced should be worth following unlike what we have experienced over the past two weeks.
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