FTSE 100 – MT Corrective Structure Fails, ST Bearish Bias
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FTSE100 – Failed MT CS, ST Bearish Bias (4h chart)
The MT corrective structure in which the FTSE100 had been confined within for almost 7 weeks, broke down last week. Price closed below 7400 and made a new lower low, changing our ST bias to bearish.
ST traders can look for possible quick short-term trade opportunities on weak pullbacks towards 7400.
LT, we are still in a heavily bullish PA environment so our LT bias is unchanged bullish.
This means it will take a lot more bearish price action to counter the bullish momentum we have witnessed since the start of 2016, thus MT and LT traders should find 7100 to be an interesting level for possible bullish continuation trades.
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