TNA

Active target of 94 on TNA. Can it take out the downward sloping bearish resistance line that sits right above?

FTSE 100 update

The recent price action and post Greece vote has taken the FTSE back in to the 'range' that is has occupied for most of 2011. After breaking that strong support I had envisaged a more prolonged period below the range but all that aside, we can see the index found support twice at 5,650 and that the first target given off the bottom (the 3 column of X's) was activated and has been reached. This pattern is currently pointing higher with an active target of 6,025.....

...which would get the index back toward the top upward sloping line on this candle chart.

WTI Light Crude

Still above the blue long term bullish support line but looks set to challenge it imminently.

Greek debt and exposure to..

'merde' and 'schisse' spring to mind.....

FTSE 100 - potential upside to 5,875

The 5,425 target on the FTSE was not hit but remains active. It can be seen that in recent days we have had a 3 box reversal, followed by another 3 box reversal and the index has found a bit of support at 5,650. If we get an intra day high of 5,750, that short term target of 5,875 will be activated by a 'double top buy signal'.

Given that 5,875 was previously a level where the market found support on several occasions (note the blue horizontal line) it would be perfectly reasonable to suggest that this could now become a level of resistance.

I also drew that slightly upward sloping line which shows much more clearly on the candle chart. Conversely, another 3 box reversal and a move below the current support level of 5,650 would be very bearish imo.

FTSE 100 update

5,425 is the active downside target.

iShare FTSE 250 (for FTSE 250 Index)

I've found some London listed stocks and indices on 'Free Stockcharts' - how exciting!

This IShare tracks the performance of the FTSE 250 Index, a mid cap index of the 250 largest companies by market cap outside the FTSE 100. The Ishare prices about 10% of the index level, so at present the index is 11,500. Anyway, its been on a tear since 2009, but appears to be rolling over.

The IShare has been in a 'range' since may of 1,165 and 1,200. See how the bulls tried on 3 occasions to push the index above 1,200 (12,000) but were unable to do so.

The IShare has now fallen out of the range and the first target from the top to the downside of 1,095 is now active. Bullish support has been broken and we now have bearish resistance. The index may get some support at around 1,120 to 1,125, where it got support earlier in the year prior to the Fukushima dip and and bounce.