FTSE 100 Technical Analysis: Daily Chart
Momentum:
MACD: Positive
RSI: Neutral
Stochastic: Sell signal, in overbought territory
Daily Price Action Trend: Positive
Last relevant high: 6,065.8
Last relevant low: 5,916.3
Comment:
The FTSE fell yesterday, in fact we are finding resistance at a level that should be expected. We currently have no real technical change, but volume did tick up yesterday which is a warning sign. From yesterday’s blog we are having mixed signals, unfortunately the market rarely gives you that text book 200% definite profitable trade set up. But from experience it does ‘feel’ like an important level here for the market where we are going to see a break one way or another.
A sell signal will be completed today if: 5,950.2 is broken without 6,065.8 being bettered. Also we most note that a break below of 5,916.3 turns the price action neutral.
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