Looks like there is some upside on the horizon

The markets took a massive hit during October. During the month the Dow fell by 1525 points, while the FTSE 100 fell by about 526 points, almost 11%. At one point the FTSE actually fell as low as 3750 before recovering some of the loss to close at 4377. Despite the massive selloff during October, the final week of the month produced the largest weekly rise so far this year. The FTSE 100 rose by almost 500 point, a 13% gain.

What’s next on the horizon?

The markets are currently oversold and it seems that there might be some upside movements. The daily charts are beginning to look bullish. Added to this is the fact that historically share prices tend to rise during the last 2 months of the year. The US election is also around the corner and the result of the election might have an impact on the stock market. The weekly charts are also showing some signs of recovery. The monthly charts are still showing a downward trend, so the upside movement should be considered short term, at least for now.

Take a look at the daily charts below.

All the best.