FTSE 100
shares (FTSE:UKX) have been moving northwards strongly in the past two months.
There is a Bullish Confirmation Pattern in the daily chart, and so, the
pullback we are currently experiencing would be a temporary thing.
4 EMAs are
used for this analysis and they are EMAs 10, 20, 50 and 200. The color that
stands for each EMA is shown at the top left part of the chart.
All the
EMAs are sloping upwards, and since the market is currently above the EMAs 20
and 50, the uptrend is strong indeed.
There has
been a recent pullback towards the EMAs 10 and 20, which serve as a barrier to
bearish machinations, and good entry points for long trades.
FTSE 100
is expected to maintain its bullishness for the most part of this year.
Although that does not rule out possibilities of occasional pullbacks.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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