FTSE: Daily study, another round of ranging...?
The bullish breakout which occurred in April quickly ran out of steam and FTSE dropped back into the zone where PA ranged for about 2 months earlier this year...
In the course of this PA we possibly formed a left shoulder and head of a possible H&S pattern...
Oversold stochastics suggests we could be forming the right shoulder soon...
Since the Brexit referendum is getting close (23rd June) I suspect that we will not get a big move before that time, therefor I wouldn't be surprised if it went back to ranging inside this 'neutral' zone. RSI and MACD are also close to flat at the moment...
This could provide for excellent R/R setups so I will be trying to catch some of these moves on smaller TF's when they occur!
Neutral bias, favouring upside to the top of the former range..., possible good short opportunity there, switching to hourly TF's...
In the course of this PA we possibly formed a left shoulder and head of a possible H&S pattern...
Oversold stochastics suggests we could be forming the right shoulder soon...
Since the Brexit referendum is getting close (23rd June) I suspect that we will not get a big move before that time, therefor I wouldn't be surprised if it went back to ranging inside this 'neutral' zone. RSI and MACD are also close to flat at the moment...
This could provide for excellent R/R setups so I will be trying to catch some of these moves on smaller TF's when they occur!
Neutral bias, favouring upside to the top of the former range..., possible good short opportunity there, switching to hourly TF's...
