Nb. Our comment from the 03/18/21 (Not published)
Nb. Our comment on 03/22/21
Well, what can you say about the March expiry just ended, apart from applaud the incredibly persistent bulls yet again?
Made all the more impressive as they came under tremendous pressure at the very start, with this index testing the bottom boundary of its zone (6450), with the intraday low of 6465.57 back on the 26th Feb.
However, for all their endeavour, from last expiry to this, the net gain was just 96.36-points, which is hardly earthshattering really.
Although, we can really appreciate why, as everybody knows about the recent all-time highs Stateside, and in the DAX, but the CAC was only 20 odd points away from theirs recently, so the FTSE still being 400-points shy, a mere 5.6%, looks a real anomaly.
Which is also what the market data from Friday is, courtesy of this aberration of the opening price.
In reality, the FTSE opened down a chunk at around 6714, and the intraday high was 6756.50.
And for those of you who like a candlestick, if the open was circa 6714, and the close 6708 (in real time it was actually 6720.39 btw), then that’s a Doji in our book.
Anyway, after the madness of the “biggie” everything should calm down considerably for a plain ole intermediary expiry.
Although we don’t see it as any less exciting, and the ratio levels are in the table above (please note Friday’s real intraday high here as well), so the only aspect we can add, is that it appears very likely the zone will move up to 6650-6750.
Range: 6650 to 6750
Activity: Very good
Type: On balance just bearish