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FTSE 100 Technical Highlights:
- The FTSE is working in the direction of a breakout, however…
- Can’t bounce the gun as we have to see affirmation
- Multi-month consolidation might result in 2020 highs and higher
The FTSE 100 is engaged on breaking out of the multi-month vary it has been constructing since round Could. If we see a detailed above 7220 the market might certainly string collectively a run that takes it again in the direction of the pre-pandemic highs and presumably higher.
However earlier than getting too bulled up we wish to see at the very least a every day shut in breakout territory, and given the period of the consolidation sample a weekly shut can be even higher. We might get it this week if shopping for strain continues to persist via end-of-day tomorrow.
Upon affirmation of a breakout, the following level of resistance to look at is a trend-line operating decrease from the 2018 excessive, this at the moment lies close to 7400. Past that time the 2020 highs at simply shy of 7700 might come into focus.
However because it occurred the final time we mentioned the FTSE, a rejection might quickly happen, and whereas this in of itself gained’t flip the outlook bearish it’s going to preserve issues impartial. On this state of affairs, if later the FTSE is to bear a bullish breakout it could be preferable that weak spot be muted and worth keep close to the excessive finish of the vary. Elevated strain previous to a breakout will increase the probability that it will not lead to a false breakout.
For the outlook at the moment to show decisively bearish we might want to see a tough flip down in momentum that takes out the 200-day shifting common together with the underside of the vary at 6813. Barring any main shocks that is unlikely to occur any time quickly.
FTSE Every day Chart
FTSE Chart by TradingView
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—Written by Paul Robinson, Market Analyst
You may comply with Paul on Twitter at @PaulRobinsonFX
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