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Where are we now

Reading price charts which may give you direction in the market using established TA methodology
Jonetc15
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Re: Where are we now

#443669

Postby Jonetc15 » September 19th, 2021, 7:56 pm

It should be an interesting day tomorrow, Monday 20 September. So far as I can see, the FTSE 100 has been in a trading range 6800 to 7200 since last March, with a rising 200 dma. However, I haven’t seen any sign of a serious attempt to break above 7200 - as to which, please see a one year chart with 20, 50 and 200 dmas: https://bigcharts.marketwatch.com/advch ... e&state=11

At 6963.64 the FTSE is trading below its 50 dma and hovering above the 200 dma, which is above 6800. So any significant breach of the 6800 might suggest a period of weakness, as already indicated by the RSI and MACD.

I’m also noting the three year chart showing the context of the current market – i.e. heading into admittedly historical resistance: https://bigcharts.marketwatch.com/advch ... e&state=11

Lastly, The P&F IFL [proxy] chart is described as a ‘Double Bottom Breakdown’ on 17 September : https://stockcharts.com/freecharts/pnf.php?c=ISF.L,P

I see no reason to commit any of my carefully hoarded cash to the market. But this post could be embarrassingly wrong… (So DYOR and E&OE, as ever).

ATB
Jon

Jonetc15
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Re: Where are we now

#444060

Postby Jonetc15 » September 21st, 2021, 10:21 am

Reassuring bounce off the 200 dma (as at 10:15 this morning). Watching the market far more closely than usual. No idea what will happen at what seems to be a major point technically.

Jon

Jonetc15
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Re: Where are we now

#444402

Postby Jonetc15 » September 22nd, 2021, 12:27 pm

Yesterday's (Tuesday 21) pattern on the FTSE 100 P&F chart is described as a 'Low Pole Reversal' - see: https://stockcharts.com/freecharts/pnf.php?c=ISF.L,P

For a definition/explanation, see: https://school.stockcharts.com/doku.php ... pnf_alerts
For copyright reasons I'm only quoting part of one explanation (scrolling down to the end of the page):
"The low pole reversal is seen when a chart falls below a previous low by at least 3 boxes, before reversing to rise by at least 50 percent of the fall. The reversal implies that the supply that was making the prices fall has been absorbed and demand is taking over. [etc]..."

For other definitions see (e.g.) https://duckduckgo.com/?q=low+pole+reve ... 1-1&ia=web

The market is dithering, at least as I see it. (DYOR and E&OE)

Jon


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