FTSE 100 Technical Analysis: Daily Chart
Momentum:
MACD: Positive
RSI: No clear trend
Stochastic: Buy signal
Daily Price Action Trend: Neutral
Last relevant high: 6,030.3
Last relevant low: 5,499.5
Comment:
The FTSE made it four positive sessions in a row yesterday as mixed job data and a rally in oil prices helped encourage traders back into the market. Technically the index formed a higher high, thus turning the price action neutral; it will turn positive if we form a higher low.
Bullish traders should be moving their stops up to at least 5,862.2 locking in around 150 points of profit since the last buy signal. Clearly the market remains very volatile and therefore being nimble is the name of the game but an increase in volume with yesterday’s rally is encouraging for the bullish argument.
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