Does one week make a change?
Yes. That head and shoulders pattern from March – May failed after a break – un-break action at 3 YL.
No. FT100 is back to resistance like it was at the beginning of June.
FT100 weekly chart October 2013 to present
Resistance remains valid until broken. Traders should not lose sight of what charts are printing. Poll results, headlines keep us informed but also distract us from the most important thing: what price is printing. If we lose sight of important facts, we will realise that Brexit or not, there will still be a UK after the referendum, that the state of the economy hasn’t changed (not enough in 2 weeks anyway), that we have been taken for a ride.
FT100 daily chart December 2015 – present
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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.
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"I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."