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Neighbour: FTSE 100 to hit fresh all-time highs
After four sessions of negative declines, Joe Neighbour from Central Markets believes the FTSE 100 is in position to break out to new all-time highs. Evidence for a potential rally is supported by the number of active dip buyers in the market. Joe points out that although the FTSE has closed in negative territory the past 4 sessions, it has finished the day well above the session’s lows.
The strong US Dollar has significantly impacted UK oil and gas companies as it pushes the price of commodities lower. Tullow Oil, the UK based gas exporter, fell 7.2 percent on Thursday, representing the biggest decline on the FTSE 100. The market’s undervaluation of equities at the moment leads Joe to believe that a move higher could catch some traders off-guard.
A bullish flag pattern on the daily chart suggests an upside target to new all-time highs, above the resistance level of 6950 which has constrained the FTSE 100 for the past 15 years. Joe is targeting a move to 7400 and plans to buy the dip at the market open. A stop can be placed at 6725.
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Non-independent investment research disclaimer
01:29 minutes
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