In today’s trading strategy, Tim Young, Daytrader for Ayondo, offers the technical outlook for the FTSE 100, and further notes the importance of using different timeframes.
FTSE intraday chart
Young notes that the FTSE finally broke out of its range previously, but dropped back down. Looking at the 4 hour charts, he says that the index went into oversold territory and is heading up now.
FTSE: Weekly chart
The weekly charts suggest that the index remains stuck in a range. Looking at the momentum indicators, Young mentions that both the stochastics and RSI haven’t reached the overbought levels yet.
Young believes that the footsie needs a break above 6400 to see further upside.
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