UK100 Setting Up For Next Higher Trough on Weekly

  • UK100

Weekly Chart

Using 19 July as a starting reference, the UK100 has charted a higher trough followed by a higher peak. This is an uptrend. Last week's candle is setting up to potentially be the next higher trough in the series (HT?). If this week's candle closes above last week's high (aqua horizontal), the higher trough will be confirmed. This will create a platform for the UK100 to chart the next higher peak in the series.

Past Performance: Past Performance is not an indicator of future results.

Daily Chart

The UK100 still has work to do on the daily time frame. The moving averages need to form up bullishly. I.e., the short green moving average is yet to cross over the long red moving average, as is the mid orange moving average. In effect, when the moving averages stack with green first, orange second, and red third, it will be considered a bullish development. Moreover, the stochastic needs to move to the top quintile. This would suggest that the closing price is in the upper 20% of the fifteen-day range. The longer the stochastic can hold this area, the greater the momentum is likely to be. This will help propel the UK100 passed the overhead resistance around the 7,380 level.

Past Performance: Past Performance is not an indicator of future results.

Featured Image by Tumisu from Pixabay

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.


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Past Performance: Past Performance is not an indicator of future results.

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