FTSE 100 – Sell on rise is the call

The rising trendline has come to the rescue… but still the rebound looks more like a technical pull back. The chart below shows head and shoulders breakdown. The neckline will now offer resistance around 7365. the index is likely to crowd out weak bears by peeping above 7365.

I would want to sell around 7380. The 50-MA and 100-MA are still rising so the fresh sell-off from 7365 could be restricted around 7300-7280. Only a daily close below the rising trend line would entice technical bears…

Daily

download.png

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s