Trade view /
08 December 2017 at 9:03 GMT
The weekly chart has reacted higher from the reverse trendline (5000) and after the recent dip to 5265 further buying has been noted.
The daily charts continued to be supported by the Ichimoku cloud and bullish hammer candles. Further upside is expected to target the yearly highs (5535).
The 4-hour chart looks to be in an AB=CD correction which targets a move towards the 78.6% fibonacci retracement at 5476.
Entry: Buy FRA40.i at 5380 and 5350
Target: 5470 & 5535
Time horizon: 1 week
4-hour chart highlighting reaction from upward trending support & AB=CD correction
Daily chart showing bullish hammers and Ichimoku cloud support
Weekly chart with long-term trend support and reaction from reverse trendline
Source: Saxo Bank
— Edited by Clare MacCarthy
Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here