In today’s Trading Strategy update, we bring you the technical outlook for the FTSE 100 equity market index, from Tim Young, Day Trader at Ayondo, along with Nick Batsford, CEO at Tip TV.
FTSE 100: Weekly chart
Young says that he’s still awaiting a move above 80 level for the stochastics, trending around 70 at the moment.
Technically, Young sees upside potential towards 6400-6450 on the footsie, but believes that a move towards this might mark the end of the bullish move for the equity index.
FTSE 100: Daily chart
The stochastics on the daily chart remain in overbought territory, but the RSI suggests some upside potential. Young expects the RSI to head towards overbought levels before marking an end to the upsurge for the FTSE 100.
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