FTSE100 – Quick Overview
– FTSE does appear to be struggling to get above 6100.
– Monthly candles look bearish in this area and the 40/80 day cycles, OBV and MACD make any solid gains look bleak.
– Only a convincing break above 6100 area would invalidate the bearish cycles – I’ve found these to be quite reliable in the past.
Shorter term view looks ambiguous
– We’re currently trading between the 50 & 200eMA. The 200eMA is providing support around 5570 along with the ascending trendline, but should these levels break we can expect a drop to the 5353 area and possibly beyond.
– A break above 5750 would suggest further gains and an attempt back up to the 6000 area
– I’m currently flat but would only consider new short positions below the 200eMA.
– If you’re already short then moving your stop above the 5750 resistance area would be advisable.
– I would only consider new long position on FTSE above the 5750 area.