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FTSE 100 Daily Forecast - May 6, 2020

Published 05/06/2020, 04:09 AM
Updated 07/09/2023, 06:31 AM
UK100
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FTSE shorts at key resistance at 5840/60 worked perfectly with 2 opportunities for a 70 tick profit as we bottomed exactly at first support at 5775/65. Same levels apply for today.

Today’s Analysis

FTSE key resistance at 5840/60. Shorts need stops above 5875. A break higher targets 5910 then 5980/90.

Minor support at 5775/65 held perfectly as a profit-taking level, but below 5750 is more negative targeting 5720/10, with key support at 5675/55. Longs stop below 5625. A break lower is a sell signal targeting 5580/70, 5530/20 and 5470/60.

Trends

  • Weekly outlook is negative
  • Daily outlook is neutral
  • Short Term outlook is neutral

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