Bullish signals for FTSE 100 in each of the last 3 weeks have been confirmed, investors buying the market last week for sentiment to post a 3rd higher weekly high & low in a row and a gain of 64 ½ Pts. Although this is positive, the rally has stalled almost exactly at July’s 6829.0 high, protecting a sequence of lower monthly tops.
Despite this and while signals are volatile, the outlook for this week is to buy modestly on the open and then at 6777.5, Friday’s low, with a stop loss at 6691.0, the last 3 week close. Targets are to 6828.5/29.0, Aug & July high trades, 6873.0/80.0, June & May's 14 year tops and then towards 7000.0.