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FTSE 100: A Break Below 7120 Is An Important Longer Term Sell Signal

By Jason SenStock MarketsMar 03, 2022 06:03AM ET
www.investing.com/analysis/ftse-100-a-break-below-7120-is-an-important-longer-term-sell-signal-200619217
FTSE 100: A Break Below 7120 Is An Important Longer Term Sell Signal
By Jason Sen   |  Mar 03, 2022 06:03AM ET
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  • DAX 40 hovering below what is now resistance at 14000/100 which risks further moves to the downside.

  • EuroStoxx 50 March tests 500 day and 100 week moving average support at 3710/3690.

  • FTSE 100 March looks like it is building a head & shoulders top - with a volatile right shoulder! 

Today's Analysis

DAX holding below 14100/000 is obviously negative (with a high for the day here yesterday) and sees a retest of 13780/750. Less chance this will hold on the next test, although it did hold Monday and I am not sure why!! A break lower eventually targets 13650/620 and 13350/300 before an excellent buying opportunity at 13130/100. Longs need stops below 13000.

Shorts at 14100/000 need stops above 14200 for a test as far as resistance at 14320/370. Watch for a high for the day. If we continue higher look for 14500. Further gains can retest 14600/650 before a test of strong resistance at 14750/850. Sell here with stops above 14900.

EuroStoxx longs from 500 day and 100 week moving average support at 3710/3690 offered big profits on the bounce as far as first resistance at 3855/65. Shorts need stops above 3890. A break higher can target 3960/70. Shorts at first resistance at 3855/65 target 3800/3790 before best support again at the 500 day and 100 week moving average at 3710/3690. Longs need stops below 3670. A break lower is an important sell signal targeting strong support at 3590/70. Longs need stops below 3530.

FTSE is certainly erratic and volatile as we carve out what is probably a head & shoulders reversal pattern with 200 day moving average at 7200/7190, plus neck line at 7140/30. Therefore a break below 7120 is an important longer term sell signal. In the meantime we have resistance at 7320/40 and again at 7440/60.

FTSE 100: A Break Below 7120 Is An Important Longer Term Sell Signal
 

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FTSE 100: A Break Below 7120 Is An Important Longer Term Sell Signal

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