PM Price Action 15:30
FTSE 100 made a decisive move north of resistance prompting an SB long from the 7537 to target 7565 area as first resistance, 7600 seems likely before close:
Update: took half off at 7572 with stop to b/e and zero risk should be a small div adjustment after the close: happy to leave O/N
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FTSE 250 similarly moving through resistance with participation of many beaten-up and shorted names: this likely sets usup for a multi day rally prompting an ETF long in the MID250 with an initial MIDD position from 1897p : this has few fees, tight spread and good liquidity so easy to reverse out of with low execution costs.
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How to Find High Liquidity Squeezes for Spreadbets
higher liquidity squeezes with tight spreads often make good spreadbetting trades: not participated today as too many balls in the air
set the Capital to >100M
volume to >700K
Spread to <3% and RPG filters down to fewer opps that are open to Spreadbetting
This decreases the number of prospects from 33 to a more manageable 18
IQE Trade from 29.4p
Making one of my favourite set-ups a volatility squeeze : popped on news recently but sold back to key level and reloaded: note it has a small 1.04% short interest and joins today's long list of potential short squeezes/covers though at such a low level this is unlikely to feature in the intraday price action
Entry: 29.49
Stop 27.6
Target:1: 33p (subject to supporting markets and a multiday index pop)
R/r = 2
clear stop below 27.8 target 1 33p around 50MA which is where most breakouts seem to fail in current market
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RNS Analysis PTAL
in sideways consolidation of an uptrend with good results today: BUT guides down on social disruption to production and reduced BPOD though decreased output offset by increased contracted oil price at $102 pb
Potential takeout of recent 44p high to new ATHs in clean air
WAIT for price reaction to RNS and volume participation through 40.5p level : trade on with target >44p assuming oil maintains momentum with fib projection to 50p
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Overnight Action and Pre Market Analysis
More signs of an overdue rally which may prove explosive given the recent chop and lack of direction over the past few days: likely we have reached peak bearishness for now
- FTSE futures remain unch around the key 7520
- day in green in the US with tech posting a 1.5% gain though rejecting the 8EMA while S&P held 8EMA . DOW is signalling a reversal with a tentative indication of a rally ahead (chart)
- Brent crude at $114.looking set to break north (Chart)
- VIX 28 as sentiment improves Chart
- DXY remains muted around 102 off recent 105 highs and below 21EMA
- Gold puked yesterday and is at $1846 despite weaker DXY
Key level to watch in FTSE100 around 7513
FTSE250