FTSE establishing a sideways trading range as expected yesterday. We held minor resistance at 5690/5710 & 5530/50 on the downside.
FTSE holding above 5550 allows a recovery to 5620/30 & minor resistance at 5690/5710. A break higher should target last week’s high at 5780/90 with resistance at 5830/40.
Holding below 5500 risks a slide to 5440/30 with support at 5390/80. Downside is expected to be limited while we establish a short term trading range. However, if we continue lower look for 5325 & 5300/90.
Trends
- Weekly outlook is negative
- Daily outlook is negative
- Short Term outlook is neutral