Made in England.. FTSE 100 Triangle Breakout

21 Oca

Finally the long term triangle pattern in blue chip UK stocks has broken - and the weekly chart for the FTSE 100 index is looking very positive.

The breakout weekly candle is a long one with a close right near the highs - showing bulls are well in control of the market.



We can see the triangle break in more granular detail on the daily chart with the break confirmed on Thursday and a strong follow-through move on Friday.

Support is found first at the former all time high (8450-8475) then back at the broken trendline from the triangle pattern.

These support levels define our risk - the price back inside the triangle will inform us the breakout has failed - this time at least.

But if things move as we expect, using the height of the triangle pattern as a price objective from the breakout point, the UK 100 could reach 9,000.

But - as always - that’s just how the team and I are seeing things, what do you think?

Share your ideas with us - OR - send us a request!

Comments welcome :)


cheers!
Jasper


The material provided in this article is for information purposes only and should not be understood as trading or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Trading Writers and has not been prepared in accordance with the legal requirements designed to promote investment research independence. If you rely on the information on this page, then you do so entirely at your own risk.

15 Şub

İşlem aktif

Working neatly so far

Ultimate target is 9k but a likely big pullback (towards the broken triangle) before we get there