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FTSE 100 – Priming For A Breakout? | May 29th
FTSE 100 – Building an Upside Case to Make New Highs
While the Dax continues to make all time highs, the FTSE is also showing signs of more upside forming a long term pre-breakout squeeze. Notice how the SL’s continue to print relatively higher, with the last one being held up by the 20 ema entirely? My guess is a breakout (or breakdown) is coming soon, with me preferring the former.
Our Trade Idea: 6900 is the level to take out, so look for a breakout pullback setup on a close above here. Aggressive traders can look for a pullback to the daily 20 ema with stops below. Upside targets are 6951, and an eventual break of the big figure (7000). Monthly charts are also pointing to a breakout of 7000, and as far as my data goes (back to 1988) there is no higher price.
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