RE: Question for chartists25 May 2021 18:51
@SeagullsFan - I should point out I am not a millionaire, so don't put your house on this. That said...
I usually look at the 5 min charts as it provides more detail. In this chart https://invst.ly/uxoq6, the orange line is taken from the high to where we were yesterday on the 1 hour chart. At the start of trading today, it rose to this line then paused slightly as it met some resistance. After 10:00 it broke through, but after reaching the ceiling at 22p, fell back and has been sliding down this line until just before close. The yellow line that the orange line crosses is from the 5 min chart and uses peaks closer rather than the high. If the orange line was moved up slightly to take account of todays peak it would intersect the yellow line at almost exactly the same point as the 2 yellow lines meet. For me, this confirms where the current restriction should end.
However, since the start of April, that purple trend line at the bottom has been the lowest point that the SP has reached. Yesterday was the closest it has come so far to being breached, but I do not think the SP will go below this. So my estimate of the SP movement is between that top yellow line and the purple trend line. https://invst.ly/uxp7h If you can buy tomorrow below 20.89 I think that would be the best you could get. Around 13:00 the orange and purple lines intersect but I think there will be movement before then. The yellow line does not intersect tomorrow but I don't think the market will bother too much about that. 20.89p has acted as both a floor and a ceiling, so this will have more merit. That guide-line intersects the purple line at close of play tomorrow. There is a greater probability that the market will move before this is reached and as I said, I do not believe that the trend line will be breached - especially so close to a pennant ending.
Just my opinion. Feel free to point and giggle if i'm wrong tomorrow. GLA