{"id":168383,"date":"2023-01-14T07:00:00","date_gmt":"2023-01-14T15:00:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=168383"},"modified":"2023-01-13T22:07:45","modified_gmt":"2023-01-14T06:07:45","slug":"ftse-above-covid-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/ftse-above-covid-trading-range\/","title":{"rendered":"FTSE 100 Breakout above COVID Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: FTSE 100 Futures<\/h2>\n\n\n\n<p>The\u00a0<strong>FTSE futures <\/strong>market had a big bull breakout above COVID trading range. We are within striking distance of the All-Time-High. The bulls want to break strongly above the all-time high, and with consecutive weekly bull bars, it looks promising. But having spent so long in a trading range, the math favors a move back into a broader trading range above. Likely sideways to up next week, but expect sellers to come in hot over the next few months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FTSE 100 Futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> FTSE chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range.jpg\" alt=\"FTSE 100 Big Bull Breakout above COVID Trading Range\" class=\"wp-image-168407\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range.jpg 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range-1536x864.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><figcaption class=\"wp-element-caption\">FTSE 100 Bull Breakout Above COVID Trading Range<\/figcaption><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/www.ig.com\/au\/indices\/markets-indices\/ftse-100\" target=\"_blank\" rel=\"noreferrer noopener\">FTSE 100 futures<\/a> was a bull breakout, closing above the prior and COVID trading ranges.<\/li>\n\n\n\n<li>The bulls see a bull breakout above a bull flag and are looking for a measured move of the whole flag.<\/li>\n\n\n\n<li>The first target, though, is a measured move of the weekly pullback to Dec 19<sup>th<\/sup>. We are very close to this target and should pause soon.<\/li>\n\n\n\n<li>The bulls want the COVID trading range to be the long-term measured move higher, though if this is to work, it will take a few years to get there.<\/li>\n\n\n\n<li>The bears see a spike and channel with a deeper pullback, a higher high major trend reversal. So they want a lower high over the coming weeks.<\/li>\n\n\n\n<li>They want the last two weeks to be a second leg trap, trapping bulls into a bad long. But traps work on both sides, so bears will also be trapped out of shorting here.<\/li>\n\n\n\n<li>Its consecutive bull bars mean we are always in long, a buy signal. We can expect a test back to the top of the range before a substantial move higher. There are a few breakout points that could be magnets.<\/li>\n\n\n\n<li><strong>Why the BO points? <\/strong>Trading ranges tend to overshoot and test these points before moving on.<\/li>\n\n\n\n<li>Look left &#8211; we have been in a trading range for several years. The COVID range is broad, and the past year has been tight. <\/li>\n\n\n\n<li>Traders should be mindful of disappointment and failed breakouts providing excellent swing entries in the opposite direction.<\/li>\n\n\n\n<li>Traders should expect sideways to up next week, always in long. Better to be long or flat.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> FTSE chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High.jpg\" alt=\"FTSE 100 Measured Move Targets Converge at All-Time High\" class=\"wp-image-168410\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High.jpg 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Measured-Move-Targets-Converge-at-All-Time-High-1536x864.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><figcaption class=\"wp-element-caption\">FTSE 100 Measured Move Targets Converge at All-Time High<\/figcaption><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/www.ig.com\/au\/indices\/markets-indices\/ftse-100\" target=\"_blank\" rel=\"noreferrer noopener\">FTSE 100 futures<\/a> was a bull bar on Friday with a small tail above.<\/li>\n\n\n\n<li>It is the third consecutive bull bar, so we are always in long. Traders should only be looking to buy, take profits on buys, or be flat.<\/li>\n\n\n\n<li>Last week completed a 5-bar bull micro channel, and we said that the first bar to go below the low of a prior bar would attract buyers. That was Tuesday.<\/li>\n\n\n\n<li>Traders expected a measured move up after such a strong bar last week.<\/li>\n\n\n\n<li>Bears got trapped selling the double tops, so we might come back to let them out or get a stronger exhaustive gap-up.<\/li>\n\n\n\n<li>The bulls see a tight bull channel, always in long. They have been buying above, at close and buying below.<\/li>\n\n\n\n<li>But the move is strong, so the open profit is also, and bulls will need to reduce risk along the way. Consecutive big bars later in a trend might attract profit taking.<\/li>\n\n\n\n<li>The bulls want to hit a convergence of measured move targets above: 2 x Wedge bottom swing buys and an inverse head and shoulders, double bottom bull flag breakout.<\/li>\n\n\n\n<li><strong>Do we have to reach them?<\/strong> Not necessarily. Bulls will protect open profit and close, creating a wedge top if we stall here.<\/li>\n\n\n\n<li>Bears see a breakout above a smaller trading range and know we will probably reach the prior trading range high, so why sell now? They will look to sell at the ATH and higher, betting on a failed breakout. This is a reasonable strategy.<\/li>\n\n\n\n<li>But there is no sell signal as yet, so only limit bears will be selling. <\/li>\n\n\n\n<li>Most traders should be long or flat.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: FTSE 100 Futures The\u00a0FTSE futures market had a big bull breakout above COVID trading range. We are within striking distance of the All-Time-High. The bulls want to break strongly above the all-time high, and with consecutive weekly bull bars, it looks promising. But having spent so long in a trading range, the math [&hellip;]<\/p>\n","protected":false},"author":10339,"featured_media":168407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[1697,136],"tags":[1873,1699],"class_list":{"0":"post-168383","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ftse-100","8":"category-analysis","9":"tag-bull-breakout","10":"tag-ftse-100","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/FTSE-100-Bull-Breakout-Above-COVID-Trading-Range.jpg","author_info":{"display_name":"Timothy","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/timfairweathercagmail-com\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/168383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/10339"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=168383"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/168383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/168407"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=168383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=168383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=168383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}