With momentum indicators generating neutral signals and the price resting on support, there are numerous two-way trades to consider in the FTSE 100 contract.
9360 is the level to watch in the short term, coinciding with the high set on August 22. Since being established, it has provided resistance and support, making it a decent level to build setups around.
If we see a clean break beneath 9360, shorts could be established below the level with a tight stop above for protection, targeting either 9315 (the intersection of former triangle resistance and wedge support), the 50-day moving average at 9271, or 9200, depending on the desired risk-reward you’re seeking from the trade.
Alternatively, if the price manages to reclaim 9360 and hold there, the setup could be flipped, allowing for longs to be established above with a stop below for protection. Given the falling wedge pattern the contract finds itself coiling in, convention suggests that if we see a break of downtrend resistance around 9440 today, it could see the price revisit the swing high of 9579 set earlier this month. Resistance at 9485 provides another option for those seeking less from the setup.
There is no firm directional signal from either RSI (14) or MACD, sitting in either neutral territory or indicating waning bullish strength. Price action should therefore take precedence when it comes to trade selection.
Good luck!
DS
9360 is the level to watch in the short term, coinciding with the high set on August 22. Since being established, it has provided resistance and support, making it a decent level to build setups around.
If we see a clean break beneath 9360, shorts could be established below the level with a tight stop above for protection, targeting either 9315 (the intersection of former triangle resistance and wedge support), the 50-day moving average at 9271, or 9200, depending on the desired risk-reward you’re seeking from the trade.
Alternatively, if the price manages to reclaim 9360 and hold there, the setup could be flipped, allowing for longs to be established above with a stop below for protection. Given the falling wedge pattern the contract finds itself coiling in, convention suggests that if we see a break of downtrend resistance around 9440 today, it could see the price revisit the swing high of 9579 set earlier this month. Resistance at 9485 provides another option for those seeking less from the setup.
There is no firm directional signal from either RSI (14) or MACD, sitting in either neutral territory or indicating waning bullish strength. Price action should therefore take precedence when it comes to trade selection.
Good luck!
DS
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.