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.
Summer markets been slow and offering less trading signals? Read our article on Trading Forex in Summer
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