Tuesday’s forecast for FTSE 100 was bullish and this was confirmed with a strong over 60 Pt gain. Whether the improvement will continue going into Wednesday is less clear, as weekly signals are bearish in the background and a sequence of lower weekly highs remains intact, as does a daily bear trend.
However, in the absence of a sell signal, but with intraday sentiment overstretched, the outlook for Wednesday is to buy modestly on the open and then at 6725.0, with a stop loss at 6702.0, the window which has remained open since Monday’s close. Targets are to 6763.5, yesterday’s high, 6790.0, last week’s top and 6824.5, June’s high trade.
