A look at FTSE 100

 So far my TA is limited to Dow Jones, Hang Seng and Nikkei.

Lately, a thought came into my mind. May be I should look at more charts during the weekends? If so, what counters may be relevant to me? FTSE came to my view.

Fig 1. FTSE100 Weekly Chart

On the first look, FTSE is on an up-climb. The only Issue I have with it is the gradual gradient of the climb. There seems to be a lacking in excitement after the correction started 1st March 2021, Timing seems to coincide with the worldwide outbreak of Covid-19 (Wuhan virus).

Nevertheless, FTSE is till now supported by its 55-week moving average. Yes, the climb is gradual and as far as I can see, it will continue in the short run.

I am really not into this counter, it opens at 4:00PM in my time zone. This timing coincides with my starting to prepare my family's dinner, yes.  I am the chef of the family.

If I am in this market, I will continue to go for long until abnormality.
 

I have placed 2 Projection measurements on this chart since there are 2 corrections. I have also placed a retracement measurement due to the steep drop.

At present, FTSE has broken through the 100% projection and 78.1%% retracement line. While restricted by Bollinger envelop, signs are still indicating long. So where are the resistance.

I will put my attention on 2 ranges: 7,699 to 7,784 and if this is broken through, 8,184 and 8,296.

Consider the wave pattern, I estimate that FTSE is likely in counter wave since March 2020. It has not yet surge pass its previous high of May 2018 and January 2020. The range between 7,699 and 7,784 seems a plausible area for reversal.

Still I will need to see some drastic move like a reversal bar with long but failed penetration into the zone before it can be confirmed as reversal.

Anyway, time is the proof if I am right or wrong on this one.