Closed 2 poor UKX entries from Jan & early Feb, since when we've seen lows of 6866+. No reason other than Sterling also picking up recently, UK rate rises expected by some in May & UK govt is, IMO, weak.
Overall loss here not insignificant, despite also a lot of divi-points taken past few weeks. But for me the holding costs, in view of the risks of further downside later, I consider not worth it.
No tick-ups please! But these will be my last index trades as, overall, for all I've taken over time from index trading, I've given back just as much & some more. I fully intend to stick with what I'm profitable in, so stocks only. - GLA.
As yesterday at the moment, seems to get back to 14767 and 24791 now and then.
Seems more likely to go down than up, not much conviction.
But who knows what, see what its got in the tank 4pm - 4:30pm, normally gives a bit of support to our index's.
some key technical indicators missing in your chart spendy......this gapped up above the 50 day ema line.....which is the key imvho....
so while it is above 162....look for 180+ imvho....because that is the target....
only below 162....calls for 155....
this should at the very least close the gap around 170....
h&s is still possible......but we need it form and then break below the n/line to confirm...which i some way off....
Can only be bearish, if we have a reason to be bearish...imvho...
I have pondered and think I have the answer!
The meteoric rise in the DOW was all down to the Trump tax plan, the Market will now get a first hand glimpse of how that has helped or not. If it looks good then we might see a new TOP.
With a gap up above the highs and below to create the "false" breakout it may turn out to be an island reversal.
If it turns down around 170 it will look rather more likely. If it doesnt it won't. No new low on a potential right shoulder so thee is still a reasonable looking upward channel. But the bullish action is currently looking a bit flakey.
The candles on the recent rise look fairly indecisive. But just pausing for breath really.
A reasonable case could be made for a short 170 area.
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Some days it just seems to work - and therein lies the danger!
Will review nearer the close as I always think it might tank into the close after a gap up day like this (these) - but there is a danger that we are now in wave 5 up of some degree (according to TC and a number of his followers, at least).
I'm looking for sub 20k at some point but am trying to learn to "swing both ways" if you get my drift!
Below updated chart and we included some fib levels.
100sma is currently near the 50 fib level coincidence from all time high which we called in Jan 18?
So we assume target is now 100sma as 50 sma is broken?
A lot of noise around 50 fib see feb
ultimate target might be the 618 fib but 50 fib may do for April...
Mind the gap we have a death cross so........... trend is downwards in pressure?
we aim to please
YET NO ONE GLORIFIES US AND WE GIVE YOU SO MUCH... SO VERY MUCH!!!!
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