This week’s signals have pointed to a temporary counter-trend FTSE 100 recovery. With Monday’s 50 Pt rally ending a sequence of lower daily highs, Tuesday’s outlook remained positive. Contrary to this view however, sentiment traded sideways for an unchanged close on the day.
Whether this week’s rally is already over is unclear, but with signals continuing to point lower, the outlook for Wednesday is to sell on the open and at 6614.5, Thursday’s high, with a stop loss at 6645.0. Targets are to 6575.5, yesterday’s low, 6557.5, this week’s base and 6492.0, Friday’s low trade.