FTSE fell 9pts short of the 5700 target. Pivot 5658 favours SHORT trades with a target 5606. 55pt fall from 5691 to 5634 is currently retracing to resistance at 5661.
BEAR Short entry at 5660 with inital target 5635 and Stop 5672. Target low over 1-4 days is 5550
Warning: BEARS have only seen a 1% fall once in the last 30 days.
Bulls will be looking for a close above 5650 and challenge the recent High 5691. Bulls have been in charge for the last 30 days. Upside target is 6000 by Friday 16th April.
Move above 5660 and another challenge on 5700 is likely. Weekly Target High 5750
On a shorter 30min timeframe the10ema(5658)<20ema(5660) is supporting Short trades from 5660. Shorting the 30 day move up has been a dangerous and losing game. BUT, the market is extremely over bought and a snap back is long over due.
| Time | 10ema | 20ema | Date | Trade | Price | Stop | Target |
|---|---|---|---|---|---|---|---|
| 30min | 5658 | 5660 | 22Mar | SELL | 5660 | 5672 | 5620 |
| Daily | 5606 | 5534 | 26Feb | BUY | 5300 | 5563 | 5700 |
| Weekly | 5437 | 5318 | 16Feb | BUY | 5200 | 5550 | 6000 |
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