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O’Hare: Fork in road for FTSE
Steve O’Hare from First 4 Trading outlines two long-term trading scenarios for the FTSE Index.
A bearish bias is possible with the development of a rising wedge pattern, while the presence of an ascending triangle formation would indicate a bullish bias. In order for either scenario to occur, price action must break out of the current trading range, which has been building over the past year.
A medium-term perspective has Steve focused on upward trending and horizontal support. He is targeting a correction higher as he sets longs to buy at 6480 and 6440 with a stop at 6390. His two targets for the trade are placed at 6675 and 6850.
Geopolitical factors could cause prices to fall; however, this would invoke a dip buying scenario until support is broken at 6400.
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01:20 minutes
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