As far as the Estoxx 50 (Mar 16) is concerned, currently @ 3011, the intraday view is neutral. Prices remain stuck within a lateral consolidation move between 3056 and 2965. The 30-min RSI lacks momentum. As long as 3056 is resistance, look for choppy price action with a bearish bias. A break below 2995 would call for a retest of the lower end of the consolidation range at 2965. Alternatively, a break above 3056 would call for a bullish acceleration towards 3095 and 3120 (measured up move)
As far as the FTSE 100 (Mar 16) is concerned, currently @ 6140, the intraday view is neutral. Prices escaped from a downward-sloping channel drawn from March 4 top but failed to push above the horizontal resistance threshold at 6165. The 30-min RSI lacks momentum. Bollinger bands are narrowing. Thus, as long as 6165 is not broken, the risk of a retest of the overlap area around 6070 remains high. Alternatively, a break above 6165 would call for a new bullish acceleration towards 6210 (swing high) and 6275 (Dec 29 top).
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