Momentum:
MACD: Positive
RSI: Neutral
Stochastic: Sell signal, in overbought territory
Daily Price Action Trend: Neutral
Last relevant high: 6,216.1
Last relevant low: 5,845.5
Comment:
The FTSE feel yesterday as poor data from China coupled with a fall in oil and general commodity prices weighed heavily on the commodity stocks.
Technically we note that the market formed a sell pattern, this is coupled with a sell signal on the Stochastic that is in overbought territory generally we see these as profitable indicators and for those trading the market may wish to consider opening short positions. This pattern will remain in play assuming: 6,182.4 is not bettered without 6,101.9 being broken.
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