FTSE daily analysis

Carol Harmer Charmer Trading

FTSE

So we didn't hold below 7352...up we went to 7370 before falling back lower...FTSE is tricky at the moment, because the bulls and the bears are vying for supremacy...and this is causing these wild up and down swings...looking at the shorter term time frames isn't really helping either, and the market is just getting a little bit carried away with itself..

4hrly charts are showing that we still have the scope to trade higher...daily ones are still showing divergence...and the weekly ones have the 61.8 fib at the 7379 point...This is taken from the ATH down to the Dec 2018 lows...So this is a very important level....and I don't think it is going to break easily...

We keep thinking this is going to come lower...because of the way the market indicators are reacting....Although we posted another yearly higher yesterday, today we are lower as we wait for the Cash market to open....Now we can play this one of 2 ways...we can either sell and put stops way above here over 7390 or wait until we break below 7280....I think that the ranges are wide....Weds and Thursday the market closed lower..Yesterday we didn't...today pre open we are lower...so you do have this tug of war going on...and personally I would rather be short then long...which is why I am holding back on trading.....because the view I have is not reflected in the price action, and although the price is always right, I do think that to be long of this at current levels unless for a very short term move is quite dangerous.....

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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