After forming a bullish engulfing candlestick pattern on the daily chart on Monday, the FTSE 100 index traded higher during the week, only to trim some of its gains on Friday. The index settled at 6052.42 on Friday, after moving as high as 6160.78 on Thursday. Although the weekly MACD is trading in the negative zone, the RSI and stochastic indicators are pointing north, hinting at the presence of bullish momentum in the coming week. However, on the daily chart, MACD is trading in the negative zone coupled with the RSI and stochastic indicators are showing loss of upward potential, suggesting at a weakness in the near term. Hourly RSI and stochastic are also trading with a bearish bias, further endorsing the above view. Key daily support to be seen is located at the 6021/19 level, followed by the next ones at the psychological 6000 and 5949/45. A clear breach below the latter might lead to downside momentum in the index. On the other hand, key daily resistance to be watched is placed at the 6127/30 level, followed by the 6160 and 20day SMA (currently trading at crucial 6200) levels.
Cashflow accounting – The need for consistency
20th September 2017
According to the US Securities and Exchange Commission, “Cashflow statements report a company’s inflows and outflows of cash”. This is such a simple and obvious statement. Unfortunately, the failure of accounting bodies around the world to
