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OPINION

Brexit trigger

Brexit trigger
March 29, 2017
Brexit trigger

DAX 30

Yesterday’s close at a new high for the year appears set to turn the MACD bullish.

SHORT TERM TRADER: Stopped out of my short position.

POSITION TAKER: Square.

FTSE 100

Back up above the trend line as prices try to steady against the 7300 area.

SHORT TERM TRADER: Square.

POSITION TAKER: Small short at 7300; stop above 7450. Target 6650.

S&P 500

Bouncing to trade at the middle of this month’s range.

SHORT TERM TRADER: Square.

POSITION TAKER: Small short at 2335; stop above 2405. Target 2150.

BRITISH POUND/US DOLLAR

Rather comprehensively slapped down from our parallel trend lines. Why anyone should be surprised that the Article 50 letter has indeed been written and signed after they’ve had nine months to get used to the idea…

SHORT TERM TRADER: New small long at 1.2415; stop below 1.2345. Target 1.2600.

POSITION TAKER: Square.

EURO/US DOLLAR

Losing rather a lot of bullish momentum over the last 24 hours as we challenge very important long term resistance. Hopefully trend line and horizontal support will hold until Friday.

SHORT TERM TRADER: Small long at 1.0865; stop below 1.0700. Target 1.1075.

POSITION TAKER: Square.

GOLD

Stalling at February’s high so that the commodity channel index has turned down. Note that silver and platinum are nowhere near their equivalent levels.

SHORT TERM TRADER: New small short at 1250; stop well above 1265. Target 1200.

POSITION TAKER: Square.

MORE FROM NICOLE ELLIOTT...

Nicole Elliott is a longstanding Member of the Society of Technical Analysts and provides the IC's trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker and author of several books on charting.

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