FTSE 100 - April

[bonsai]

we found some sort of support below the fib, yesterday
maybe today, we will find support above the fib ? and revisit zero on the macd

 

[splasher]

well the figure of 00 definitely was a magnet for the futures, i was surprised at the strength of sell off from the off, maybe we can start to see tests of levels now the figure has been touched (well a tick away)
bonsai i'm a technical novice, picking things up week by week so can you explain what you meant by your macd comments?
are you looking at macd over say a month when it seems to be between 3.4 and -3.5 on my charts and seeing it approach 0?
if so what does that mean?
cheers
splash

 

[Hooya]

a fake break of the 1 day would be good...I just cant see it going to far out of yesterdays range.....yet.

 

[bonsai]

splasher

I use a 1hr/1day macd

 

[mully]

I do not want to get anybody excited, BUT have you seen the positive moves in the Pharmaceuticals. Glaxo has suddenly found some friends. The combination of both rising Oils and Pharmaceuticals.........

 

[bonsai]

yield on gsk looks attractive and time for a higher low around this level

BP have put a floor under their price ? That makes them attractive to funds.

 

[adrianallen99]

Although my TA isnt very good, I do like the mexican wave pattern occuring on the ftse today

 

[Fluke]

Bonsai.
It seems to me, there are mixed messages coming through at the moment.I see an Adam and Eve top and a bearish cup and handle forming.
This is just my observation and not a recommendation to go short.

Regards

 

[bonsai]

thanks fluke
always interesting to see what other people see.

still , above fib and above zero
so could be an abc

 

[mully]

FTSE 100

Having fallen through its 1 day SMA, now witnessing the rally back to test that break. A failure to break back up through would be a classic "bonsai" sell signal.

correct me if i'm wrong Bonsai.

 

[bonsai]

that's pretty much it mully but dont forget that the fib is clearly in play so it will need to break the fib as well.

 

[bonsai]

it may be worth drawing a line across the highs today and waiting

 

[oatman]

Has anyone got a reliable FTSE Future volume number for today please?

 

[bonsai]

not me as I dont use volume

try sledgehammer ?

 

[oatman]

It's just that someone mentioned that y'day was quiet vol wise. I only get IB and Sierra now and IB don't show everything traded.

 

[Hooya]

<img src="http://cchart.finance.ukl.yahoo.com/z?s=^ftse&a=v&t=5d&l=on&z=m&q=c&i=uk">


I think we can safely say we will be returning to that area of volume on Friday some time soon.

 

[bonsai]

somewhat belatedly, here is the chart with the support line running from 3592 last year.

its been hit lots of times so if it breaks ................

meanwhile the market today looked a lot like it didnt want to break the fib at 4462
so if that holds, I would expect it to breach the staircase.

 

[anmolway]

Hi oatman,
38,942 was the ftse june futures volume given for 6/4/04
(esignal data - not sure how accurate that is either, maybe someone can comment)

 

[splasher]

Future seems to be hovering in the area of the 4496 fib level and can't help but think that this 94-00 level has acted as the real magnet (technical and psychological)
Candles seem to look toppy and without any fundamentals in play i'd expect to see retracement to 4460
however the BoE could throw all that out of the window............
that sounds like broker speak for don't really know, could go up or down.........so i'll plump for back down to 4460 ahead of tomorrows announcement
anyone else?
ps saying that it does feel strong today!

 

[oatman]

I'd go along with that splasher. With decreased volume in the run up to Easter, it's more likely to retrace. Needs to find support at 4460 on futures though.