Welcome to EV's point and figures. This blog is dedicated to the use of point and figure charts in technical analysis.

Although P&F first appeared in charts in the 1930's, it is an often overlooked techique for analysing stocks and charts. A poor relation compared to line and bar charts and their range of momentum indicators. Yet few charts provide a clearer picture of the daily battle between bulls and bears for market control.

Like most methods, it should not be used in isolation. It should form part of an analysts 'tool box' and be used with other techniques to help form an overall view.

The charts that appear on this blog and any accompanying comments are purely for information purposes only - my own personal take on where the prices may be heading. They do not constitute investment advice.

Wednesday, November 7, 2012

FTSE 100 - topped out??

Seeing a lot of resistance on FTSE 100 at the 5,920 level, on both the daily and weekly charts. On the daily, it has struggles to push above that downward resistance line that formed from the 2011 top. And see how the support line from the June 2012 rally has become resistance, which the market was unable to push through this morning. 

The weekly below also showing strong resistance at current levels. The bulls need to push through this decisively to resume the bullish run but having failed to do so on all previous attempts, i'm wondering if we have seen the top for now.