January 24, 2017

  • FTSE 100 is trying to stay above the resistance zone Broken recently. Now FTSE Bulls are hoping that the previous resistance zone(7080 - 7100) may act as support
  • Weekly candlestick suggests Bears engulfing previous bullish candle. Further weakness only if the above mentioned zone is broken and closed below.
  • Current weakness is seen after negative divergence as shown in last chart with Price and MACD.

  • First chart shows price still range bound between 50 and 53.
  • 4 Hour chart shows a possible bearish pattern getting formed. Crude bears need a close below the black line for bigger correction to follow.

  • ES Daily continues to contract
  • For now the closing is above 20 Day SMA.
  • Price is nearing the apex of the pattern so Volatility is likely to increase soon. 

  • Bulls testing recent resistance levels. Unable to cross these levels means intraday weakness resumes.
  • Sustaining above 8460 Bulls likely to target the Golden ratio as shown in Daily fib chart.

  • Weakness in daily only on closing below 200 SMA and the GAP area. 
  • Hourly weakness starts on sustaining below the cloud.
  • Strength only on closing into or above 8400 - 8460  zone. the Upper shadows of weekly candles formed from this zone shows possible resistance zone for now. Bulls need a weekly close above this level.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
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