FTSE 100: Core blimey, what is this?
Sure it was a rough week all round for stocks but the FTSE 100 still looks good long term.
Check out this monthly chart. Price is just 'chilling' above its long term breakout zone around 7900.
You can see a similar version zoomed in on the weekly if you prefer, the monthly just better shows the importance of this level IMHO.
While above this level (7900), our bias is bullish.
Of course, there will be plenty of short term downtrends while above this level - but when we see bullish setups we are 'more interested' than when see bearish setups. This gives us our edge.
The price just dropped to the 50% pullback of the monster rally and bouced. That's pretty interesting, but the short term trend is down and so for us that's not our time to buy - some people like that kinda thing - for us - it gets us in trouble too often.
We'd be looking to get long again on this thing once the price has closed over 8300, then we're watching for pullbacks.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, Contributor to SpreadEx Market Analysis and Founder of Trading Writers.
Check out this monthly chart. Price is just 'chilling' above its long term breakout zone around 7900.
You can see a similar version zoomed in on the weekly if you prefer, the monthly just better shows the importance of this level IMHO.
While above this level (7900), our bias is bullish.
Of course, there will be plenty of short term downtrends while above this level - but when we see bullish setups we are 'more interested' than when see bearish setups. This gives us our edge.
The price just dropped to the 50% pullback of the monster rally and bouced. That's pretty interesting, but the short term trend is down and so for us that's not our time to buy - some people like that kinda thing - for us - it gets us in trouble too often.
We'd be looking to get long again on this thing once the price has closed over 8300, then we're watching for pullbacks.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, Contributor to SpreadEx Market Analysis and Founder of Trading Writers.
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