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FTSE 100 – 4th Bullish Close After Daily Pin Bar | Aug 13
FTSE 100 – Another Bullish Close & Continued Bullish Momentum
As we wrote about yesterday in the daily members commentary, the FTSE 100 had bounced off the rising support line forming a daily pin bar, and had shown consistent follow up momentum, suggesting the likely path was up. Today the UK index closed bullish for a 4th day in a row, and looks set to test the resistance around 6700 and daily 20 ema.
I actually wrote about taking long positions in early US trading (see below), and am what I’d call a ‘mild’ profit, so nothing to write home to mama about.
Note that none of the prior lows over the last 3 days have gone much past the 50% of the prior bar, so taking out any lows of the prior day should trip stops from short term longs and intra-day bulls.
I’ll watch for this pattern short term, but the solid close hints at likely more upward pressure till just below 6700. I am being tight with my stop as I’m expecting this upward drift to continue, and any strong price action disruption to that (as mentioned above) would suggest its time to exit, as my profit targets are not large, with only a small 2.5R limit at the moment.
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