TheBramble
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....or just waiting on the close at 16:30.... 
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peterpr
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Well today was the first day since April 2003 that the entire ftse100 trading range was below its 200 day MA. And you have to go back to the mid/late-nineties to find it crossing downwards after a sustained period trading above (depending on what you define as a sustained period). RSI says increasingly oversold so I guess we'll see a few rally attempts but I'm beginning to think that we've already seen the year's high. A rapid decline to well below 4300 is currently my best guess for the balance of the week.
Can anyone point me at a credible short/medium term bullish case because pretty well everything I read from the US right now is pure doom and gloom. Apart from the obvious vested interests that is.
Can anyone point me at a credible short/medium term bullish case because pretty well everything I read from the US right now is pure doom and gloom. Apart from the obvious vested interests that is.
peterpr
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Looks like we'll be testing the March lows this morning. Everything I've read since my post on Tuesday confirms the view that we are into a seriously major downturn - not to say crash. It would be nice to believe otherwise but I still can't find the evidence for a credibly bullish case.
I hung fire yesterday after another burning with longs - big mistake again. Still I got in with a small short position in the mid 60's during the US min-rally before the downturn to their close. rather wish I'd made it a bit bigger now - just toooo tentative of late!
I hung fire yesterday after another burning with longs - big mistake again. Still I got in with a small short position in the mid 60's during the US min-rally before the downturn to their close. rather wish I'd made it a bit bigger now - just toooo tentative of late!
As others have pointed out the FTSE looks on target to test its March low (4291).
This is close to the level projected by equating the move from the
April peak (4602) to May low (4363) = 239 points.
July move 4535-239=4296
PS: I am off on holiday for the next two weeks with my gang. I promised not to take a computer, so that counts me out. Current temperature there is 87F, quite a difference from windswept London.
So I hope you can all keep the thread alive.
This is close to the level projected by equating the move from the
April peak (4602) to May low (4363) = 239 points.
July move 4535-239=4296
PS: I am off on holiday for the next two weeks with my gang. I promised not to take a computer, so that counts me out. Current temperature there is 87F, quite a difference from windswept London.
So I hope you can all keep the thread alive.
Attachments
Bracke,
I believe Mully is on holiday hence no reply.
Here is the 30 min chart with 3 peak postive divergence on RSI marking the swing nicely.
I'm flat just now and will be sitting on the sideline to see whether this is the real bottom or not?
If so, i'll be looking for an intraday retest or a higher low to confirm before even contemplating going long.
Fin
I believe Mully is on holiday hence no reply.
Here is the 30 min chart with 3 peak postive divergence on RSI marking the swing nicely.
I'm flat just now and will be sitting on the sideline to see whether this is the real bottom or not?
If so, i'll be looking for an intraday retest or a higher low to confirm before even contemplating going long.
Fin
Attachments
Finirama
Thank you for your reply to my question. Now another one.
How low does the ftse have to go before it is considered a retest ?
As mully is on holiday, I ,and I am sure others, would deem it a favour if you would take the lead on this thread whilst he is away. Your observations and views would be much appreciated especially by us less experienced ones.
jonnyy40
Two pieces of news to-day
GB Trade Balance for May and US Wholesale Inventories.
Regards
bracke
Thank you for your reply to my question. Now another one.
How low does the ftse have to go before it is considered a retest ?
As mully is on holiday, I ,and I am sure others, would deem it a favour if you would take the lead on this thread whilst he is away. Your observations and views would be much appreciated especially by us less experienced ones.
jonnyy40
Two pieces of news to-day
GB Trade Balance for May and US Wholesale Inventories.
Regards
bracke
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