Daily FTSE Technical Update
17 of May, 2012
By James A. Hyerczyk, The FTSE 100 tested 5354.00 on Wednesday on heavy volume. Since this last leg down on the daily chart represents a break from the May 2 top at 5819.90 to this bottom, the better than average volume could be an indication that some stubborn investors have finally been convinced to exit [...]
Daily FTSE Technical Update
16 of May, 2012
By James A. Hyerczyk, The sell-off in the FTSE 100 has the index on path to reach a short-term goal at 5358.42. This is just a mathematical projection; however, no one is certain if the downside momentum will continue to build in strength. If it does, then the index is likely to decline at an [...]
Daily FTSE Technical Update
15 of May, 2012
By James A. Hyerczyk, The FTSE sold off sharply on Monday, keeping it on track for a test of the target projected by the ABCD Fibonacci pattern on the 240-minute chart at 5382.95. This particular pattern has set up two opportunities for traders. Firstly, trend traders are likely to continue to push this market lower [...]
Daily FTSE Technical Update
14 of May, 2012
By James A. Hyerczyk, The FTSE closed lower for the week, but managed two solid days of gains after reaching a bottom on May 9 at 5464.40. Since the main trend is down on the daily and the intraday charts, one can assume that “a trend in motion is likely to remain in motion”. This [...]
Daily FTSE Technical Update
11 of May, 2012
By James A. Hyerczyk, The FTSE 100 closed higher on Thursday in what can best be described as a little profit-taking following a sharp sell-off. Without the formation of a solid support base, all rallies should be treated as short-covering. With an abundance of downside retracement zones still within striking distance, investors don’t appear to [...]
Daily FTSE Technical Update
10 of May, 2012
By James A. Hyerczyk, The selling spree continued in the FTSE 100 on Wednesday with the index reaching a new low for the year at 5464.41. The sharp sell-off also penetrated the retracement zone created by the December bottom at 5328.70 to the March top at 5989.10. This area is 5658.90 to 5580.97. The weak [...]
Daily FTSE Technical Update
9 of May, 2012
By James A. Hyerczyk The FTSE 100 picked up where it left off on Friday with heavy selling pressure driving the market through the April 11 bottom at 5576.40 and the December 31 close at 5572.30. The first move through the April swing bottom reaffirmed the main downtrend and the break through last year’s close [...]
Daily FTSE Technical Update
8 of May, 2012
By James A. Hyerczyk, It will be interesting to see how the FTSE 100 opens on Tuesday due to the volatility in the global markets on Monday. The global indices closed in a weak position on Friday so the lower opening to start the week did not come as a surprise. The turnaround in the [...]
Daily FTSE Technical Update
6 of May, 2012
By James A. Hyerczyk, The FTSE 100 started the week upbeat, but ended it by putting in a potentially bearish closing price reversal top. Based on the March top at 5989.10 to the April bottom at 5576.40, a major retracement zone was formed at 5782.75 to 5831.45. Last week’s top was at 5819.90, well above [...]
Daily FTSE Technical Update
4 of May, 2012
By James A. Hyerczyk, Although the FTSE 100 posted a small gain on Thursday, traders appeared to approach the index with caution following the previous day’s sell-off. Having been burned a few times over the past two weeks as the index approached a major retracement zone at 5782.75 to 5831.45, I can see why traders [...]