Day trade
Trade view / 04 August 2016 at 6:01 GMT

FTSE pullback may be ending as crude lends support

partner and technical analyst / 3 c analysis
United Kingdom

Bearish signals in each of the last two days have been confirmed; investors selling futures on Wednesday to post a fifth lower daily low in a row and a loss of 41½ points on the day. However, the pullback is probably corrective and temporary and buying into the close has been assisted by crude attracting buyers at the $40 level. This has improved the immediate outlook as signals have switched back to bullish.

Management and risk description

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


Entry: market and 6570.0, just above yesterday's low.

Stop: 6539.0, the window which has remained open since the last four-week close.

Target: 6642.0, Tuesday's high and 6688.0, this week's open.

Time horizon: today only.

FTSE 4 hourly - pullback to gains
FTSE Weekly - higher lows ended
FTSE Monthly - Head & Shoulders reversal
Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

For more on equities click here

Non-independent investment research disclaimer applies. Read more


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