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Trading Signals for FTSE100
The FTSE100 is currently showing signs of approaching the resistance line of a Rising Wedge pattern. This pattern has been forming over the last 9 days, with the price touching the resistance line multiple times. If the price tests this line again, it is expected to do so within the next 16 hours.
Trading Strategy
- Entry: Wait for the price to test the resistance line of the Rising Wedge pattern
- Exit: Take profit when the price reaches the support line of the pattern
- Stop Loss: Place a stop loss just above the resistance line to manage risk
Technical Indicators Used
- RSI: Monitoring the Relative Strength Index for overbought conditions
- MACD: Looking for potential crossover signals to confirm momentum
- Moving Averages: Using moving averages to identify trends and potential entry points
Correlated Assets
The FTSE100 is often correlated with other major indices such as the S&P 500 and the DAX. Traders can keep an eye on these indices for additional confirmation of market trends.
Economic Calendar Events
Traders should also be aware of upcoming economic calendar events that could impact the FTSE100, such as GDP releases, interest rate decisions, and employment reports. These events can cause volatility in the market and affect the price movement of the asset.
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