There is something strange going on. FTSE is trying to break out, but ending up down. Which can mean there is significant bearish pressure. Dow is still languishing. I was expecting FTSE to drop to 4400 by now, which hasn't happened, while all US indices are behaving as expected.
Interestingly, both DAX and CAC are religiously following the US pattern of lower highs. Only FTSE continues to play hardball.
Interestingly, both DAX and CAC are religiously following the US pattern of lower highs. Only FTSE continues to play hardball.
FetteredChinos
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crazy isnt it. now there is 4 (!!!!) peak negative divergance on RSI on the 15 min chart. and still it wants to go up!!!!
i know the UK seems to like high oil prices (BP etc) but this is getting stupid now lol
i know the UK seems to like high oil prices (BP etc) but this is getting stupid now lol
peterpr
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Just tuned in to find stops hit a 4630 - (AGAIN !) but dived right back in - short at 4625.
Everyone and his dog knows that 4630 is crucial resistance and, looking at my 1 minute charts, there was an absolute crescendo of activity leading up to it. A lot of short covering going on I guess, which probably sets the stage for another attempt to break upwards. Hard to see it happening today though with a 1.2% increase in the bag already.
There's also a raft of bearish news filtering through so I've upped my stops to 4638 and intend to stay short at least until they're taken out.
If they are then it's hat-eating time and retirement to the den to lick wounds and maybe a jar of honey!!
Everyone and his dog knows that 4630 is crucial resistance and, looking at my 1 minute charts, there was an absolute crescendo of activity leading up to it. A lot of short covering going on I guess, which probably sets the stage for another attempt to break upwards. Hard to see it happening today though with a 1.2% increase in the bag already.
There's also a raft of bearish news filtering through so I've upped my stops to 4638 and intend to stay short at least until they're taken out.
If they are then it's hat-eating time and retirement to the den to lick wounds and maybe a jar of honey!!
FetteredChinos
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agreed. this could be a HUGE douple top. target 4450 in the near-term. which would then re-ignite the longer term bearish boys.
lets hope so. im sick of this relentless move up lol...
lets hope so. im sick of this relentless move up lol...
