FTSE 100 - Daily technical chart
Momentum:
MACD: Positive
RSI: Positive, positive divergence formed to price action
Stochastic: Sell signal formed
Daily Price Action Trend: Positive
Last relevant low: 5,771.4
Last relevant high: 6,115.1
Comment:
US non-farms dominated Friday’s session and our cautious approach proved to be correct as the market closed in the red despite what would normally be a bullish setup.
Going back to the technical outlook, Friday’s move did little for the technical setup, but with the market closing toward the lower end of the session’s range we have a chance of a sell pattern to be formed. This pattern will be complete if by the close of trading: 5,839.4 is broken without 5,945.9 being bettered. If this is completed the price action trend will turn neutral, but more on that if it actually happens…
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