FTSE Nov to Dec Rollover 16th Nov 2017
It is very much a chicken and egg situation in the FTSE as it had one shot at getting back into its zone for the rollover yesterday and that was a strong open.
Circumstances were such that this wasn’t really going to happen, and to be fair the close on Tuesday left the market an awful lot to do, so what came first the miss or the activity, as it’s all change in the ratios today?
Although yesterday 7350 was R1, as well as being the bottom of our trading range, so it was nice to see the low of 7357.06.
Today it is Y2 but more importantly Y1 appears meaning the next NZ should be 7350-7450, and in fact only missed out today by the barest possible minimum, so we are going to keep our trading range the same for this very reason.
Range: 7350 to 7450
Activity: Very good
Type: On balance only just bearish
To compound November’s problems, it looks like here in December they won the rollover battle by a knockout.
Of course, it is now looking less and less likely that the NZ is going to move here.
In fact, no change at all in the ratios here and now we enter the grey area, but we suspect, with all the changes going on above and with no axe to grind here it may be a calm, and dare we say, controlled one centred around 7400.
Range: 7300 to 7400