Friday was a very interesting day. The power of pitchforks was on show when FTSE went on to touch the lower line of the blue pitchfork. Simply amazing.
For Monday, it looks like FTSE is at a crossroad. Thanks to a potential Head and Shoulders pattern on the intraday 15-min chart, we could see a fairly huge fall. But then again, a potential bounce off the lower line of the blue pitchfork might see FTSE soaring away high. Oh yes, Monday will be a very interesting day.
Moving on to the EOD chart, FTSE has not been able to maintain its strength above the 180 degree line. The return to levels below the 180 degree line suggests possible bearish action on Monday.
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