FTSE Tues 11/05
Hi,
A 'newbie' whom has been lurking so I thought.....
Well a pictures says a 1000 words....
EOD chart. A little Fib...Some trend-lines... a little RSI...
Most importantly, to me at least, is PRICE
My bit of analysis for you to comment on...
Note the pink lines on swing 05/03 H -- 24/03 L range+ 275
Now look at the 23/04 H. This range objective = 4327 approx.
Now check out the swing 30/04 L to 05/05 H Range = 84 points approx.
I'm looking for the strength of the inevitable bounce to be 84 points or less if this thing is going to go into a bear trend. Note, the swing low of 30/04 -- blue arrow is major resistance in my books(4490 approx -4500).
It is also within 10 points of an 84 equal range retrace SHOULD yesterday have been the low.
Speaking of yesterdays range, large, closing on the low--should consolidate that move today before marching on, in whatever direction. Also, IF yesterday is a swing low, 50% ret is 4484 approx, this again is within striking distance of the major swing low resistance mentioned above..
Another item, not on the chart, is yesterdays low was 161.8% price extension of the 4601 high -4490 low projected from the 05/05 swing high of 4574
I suspect 1SMA on a 5min chart would be flat now and ready to turn up...
Well, that went on longer than I intended....
Comments/criticisms/suggestions?
Thanks
KJH