Thursday 20 October 2022

FTSE100 Rebounded from a monthly Cloud Chart support zone! Rebound potential towards the bottom end of the cloud chart zone if support holds at this level.

 FTSE100 Rebounded from a monthly Cloud Chart support zone! Rebound potential towards the bottom end of the cloud chart zone if support holds at this level.


On the weekly cloud chart there is a key support zone around 6840. Price action remains bearish long-term since the FTSE100 is trading below the cloud. Short term swing trade opportunities remain towards the bottom end of the cloud towards the 7236 resistance zone! Downside bear market rally risk towards the 6373/6293 and 5901 if support fails at the 6700 zone!


On the daily cloud chart there is upside potential towards the standard line of the cloud as well as the bottom end resistance zone at the front end of the cloud 7050/7143! But there are counter trend trades since price action is below the cloud and that remains bearish long-term.









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