FTSE Futures Weekly Price Action & Technical Analysis as on 21-MAY-2017

Seems like the last Wednesday-Thursday “storm” over the stock markets has somewhat passed over the FTSE, as the normal (not panic) bearish bar of last Thursday tested the strong support at 7400 from above, closing above the 8 EMA, a clear sign of strength, while last Friday closed the whole week as a Weekly bullish bar penetrating deeply the upper Bollinger band.

Such price action calls for a new Weekly (and all time) High on the coming Weekly bar.

The target of the Semiannual bullish Pinbar of the first half of 2016 has been achieved in the passing week, and making a new Weekly High would probably bring the market to the next major targets, the Spring of last February bar, and the Follow-through model on the Monthly chart, at 7570-7580. That would also be the Monthly upper Bollinger band.

Taking out the Weekly Low at 7389.2 on the coming week (while respecting the all time High so far) – is bearish for a Daily Swing, since it means that the price went to an extremity (upper Bollinger Band) closed rather weak, and got rejected immediately (on the successive bar). If happens (low probability IMHO) It would probably take the price down to 7300, where new signs of weakness cause most likely another decline down to the 7240 area level (again, low chances for this scenario at the moment).


FTSE100: Daily, Monthly and Quarterly charts (at the courtesy of prorealtime.com)



Disclaimer: Anyone who takes action by this article does it at his own risk and understanding, and the writer won’t have any liability for any damages caused by this action.


You may also like...

Rules of Discussion on FTSE Futures Weekly Price Action & Technical Analysis as on 21-MAY-2017

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean