FTSE

chart updated, stops moved in now protecting all long postions.

WaveSurfer wrote: 1 position closed, rest stops moved in

WaveSurfer wrote: dl.dropbox.com/u/40497882/ftse30min_insidebar.JPG

WaveSurfer wrote: 30min chart long entry based on inside bar. stop below yesterdays/todays low, looking for a break of 5904 to confirm inside bar breakout.

With respect to higher prices, nothing suggest that this is not possible from a tech standpoint, unless a key level has broken down. i still thing 6000+ is very very possible, doesnt mean it cant pullback from there tho. previous posts explain why.

Ftse 100 is currently testing main resistance level.
If you look at the obv(on balance volume) its already broken out. So diverging nicely.

Is this an early indicator for a breakout????



DYOR

I think so remo...i've made my target clear, enjoy the ride..

Despite recent optimism I think the FTSE looks bearish. Here's the long term daily view:



dl.dropbox.com/u/20815047/FTSEdaily12_12_12.gif

Note how the test of 5932 resistance yesterday coincided with a test of the long term RSI downtrend going way back. This RSI downtrend has proved a reliable reversal point on numerous occasions and the fact that it remains intact while there is an apparent price breakout of the downtrend from 6104 suggests to me that the breakout could be false.

I'd start to get excited if the RSI breaks out but until then it's different strokes for different folks I guess!

could this be a top.
It looks like 2013 is going to start bearish.



dyor

ftse looks like it made a top???

for now i would not be placing any new longs for the time being .
I have seen a lot of shares approaching important support levels and some have already broken through during my scans.Theres quite a few approaching major trend lines as well.This is telling me to not place any new longs until the highs are taken out.
So be very careful out there if your thinking about buying shares in the new year.
You should wait for the 6000 to be cleared before taking the plunge.which aint that far away .
As for day traders there will always be some thing to trade based on very short term trading.

bear in mind that bull markets last between 3-5 years. so the odds are starting to favour a bear market soon. some thing to be aware of for share traders.
DYOR