Nb. Our comment from 03/21/19
Nb. Our comment on 03/25/19
It is a real shame we didn’t publish
last week, as it was blatantly obvious to us the FTSE was an accident waiting
The only surprise was that the FTSE got
as far as it did, and 7350, or R3 to us, played a pivotal role last week.
The intraday high on Tuesday was
7350.10, on Wednesday it got up to 7341.57 for its second attempt, and then on
Thursday, strike 3, it peaked at 7370.61.
However, the most telling aspect was the
close on Thursday at 7355.31, and the fact that R3 wasn’t retreating, so the bulls
were certainly keen, but, as we say, it was an accident waiting to happen.
Of course, had the other markets not
been in similar circumstances, then the FTSE may well have gone on to test DR,
but then it’s all about risk and reward.
Which to us, with a 200-point Y ratio
bandwidth above a zone that is way down there at 6950-7050, the risks were
certainly at the top end of the scale.
7250 is now the new critical level.