FTSE we wrote: Bulls clearly in full control despite overbought conditions. FTSE breaks above 7500 to target 7515/10 and above 7515 look for 7545/55.
All targets hit.
FTSE bulls need to hold prices above 7500 to re-target 7515/10 and above 7515 look for 7545/55. A break above 7560 runs into important 19 month trend line resistance at 7590/7600. Bulls need a daily close above here for the next buy signal.
Downside expected to be limited at this stage but below 7500 risks a slide to 7585/80, perhaps as far as 7465/60. Try longs at 7445/40 with stops below 7420.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is negative