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FTSE100 Double Bullish Confluence

January 23, 2018 11:32

The FTSE100 is showing double bullish confluence close to D L3, and D L4 supports. We can spot the W pattern that is also the head of a bigger - inverted head and shoulders pattern. 7710 zone could spike the price to the upside and continuation of bullish move should happen if the price breaks inverted SHS double top - 7748. Targets are 7755, 7764 and possibly 7771. Only a 4h close or h1 momentum below W L3 7699 might negate bullish scenario. In that case look for a retest of 7683.

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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FTSE100 Instrument