FTSE: Holding 5480 support can retest 5670

Jason Sen DayTradeIdeas.co.uk

FTSE

FTSE 100 JUNE Futures

FTSE shorts at 5410/30 were offered 100 ticks profit – not much these days! We wrote: A break higher targets 5480, 5520/30 & 5580/90. If we continue higher look for 5625/35 & 5680/99.

If you jumped in to a long we hit all targets & topped at 5707 before a collapse to 5350.

Daily Analysis

FTSE seeing a good bounce & we may have some legs on this in to tomorrow before another expected sell off. If we can hold first support at 5480/70 we can retest 5670/5710. A break higher certainly possible targeting an excellent selling opportunity at 5830/50. Stop above 5950.

First support at 5480/70, second support at 5340/30. The the last line of defence for bulls is at 5250/5200. Try longs with stops below 5100. Below here bears are back in full control.

Trends

Weekly outlook is negative.

Daily outlook is negative.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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