The daily bar chart pattern of FTSE 100 shows a spirited fight back by bulls. After dropping below its 20 day and 50 day EMAs on Wed. Feb 24 '16, the index bounced up to test its Feb 1 top of 6115 on Fri. Feb 26.
By closing at 6096, the index gained nearly 2.5% on a weekly closing basis. It was the highest close since Jan 5 '16. The index also broke out above the downward channel within which it was trading for the past 4 months.
Bulls may have exhausted all their ammunition during the rally from the Feb 11 low of 5499.50. At the time of writing this post, the index has been in corrective mode.
-- By closing at 6096, the index gained nearly 2.5% on a weekly closing basis. It was the highest close since Jan 5 '16. The index also broke out above the downward channel within which it was trading for the past 4 months.
Bulls may have exhausted all their ammunition during the rally from the Feb 11 low of 5499.50. At the time of writing this post, the index has been in corrective mode.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/02/stock-index-chart-patterns-s-500-and_29.html
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