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O'Hare: London calling as FTSE offers bullish trade
With bullish momentum set to continue on the FTSE Index, Steve O’Hare from First 4 Trading is looking to buy at current levels.
Steve O'Hare expects the FTSE to gain up to 16 points at the market open. In the long-term, levels could extend as high as 8000 points. These targets are reasonable given the presence of an ascending triangle formation since last May and upward trending support lines. One potential threat to the trade would involve a dip below February’s lows, which Steve notes would lead to re-evaluating the long-term outlook of the FTSE.
With strong risk-reward levels, Steve is looking to buy at 6500 with a stop at 6390. He is targeting 6850, 7150, and 7740 in the long-term.
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