The ascending trend line I broken
Uk100 started a strong bullish wave on October 13th, causing UK100 price to gain almost 13% until November 13th. The bullish power on this Index, then, started to reduce and the price line broke below its long term trend line. The value line on this chart is now seeming potential to go through a bearish phase
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is daily.
The candlestick chart on UK100 is currently on 7459.6, where is located just below a strong resistance level; this resistance level is reflected as a yellow box above the price line. A weak support zone I formed at almost 7300 and is indicated as a gray box. MACD is showing strong potential for an upcoming descending line and RIS has just begun going through a descending wave. Sellers can expect the price line to have another retest of the yellow resistance zone; from there they can enter short position and aim for 7325 and 7100 after that. Also please consider that in case the price line breaks above 7700, the descending potential would highly be taken under question.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.