Day trade
Trade view / 20 September 2016 at 6:10 GMT

DEC16 FTSE may test September highs

partner and technical analyst / 3 c analysis
United Kingdom
Background

September's selloff has stalled in the FTSE 100 and reversed since Thursday, with sentiment recovering to end a sequence of lower daily highs and with a switch to posting higher daily lows.

A developing trend of lower weekly highs has also been marginally broken, which points to the FTSE moving higher in the direction of September's highs.

Management and risk description

Allow room to buy an intraday dip and raise stop to entry if the first target is met.

Parameters


Entry: Buy at market and at 6736.0, yesterday's afternoon low.

Stop:
6700.5, the window which has remained open since last week's close.

Target:
6818.0, the September 9 high and 6848.5, the September 8 top.

Time horizon:
Today only.


 
FTSE 4 hourly - pullback to gains
 
FTSE Weekly - lower highs ending
 
FTSE Weekly - higher lows ended
Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
20 September
trading4fun trading4fun
steve, nice call right from the open
20 September
Steve Lucas Steve Lucas
TKS

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