Although this week’s signals for FTSE have continued to point lower, with daily and weekly signals much oversold, the outlook is to also sell rallies. A near 50 Pt bearish gap open on Monday has attracted buyers at a 6240.0, a fresh 14 month low, for sentiment to rally by 120 Pts from the base.
Those gains were temporary though, the bounce also attracting sellers and protecting a sequence of lower daily highs. Intraday sentiment is volatile, but although bounces should be temporary, the outlook for Tuesday is cautiously bullish above 6240.0, yesterday's low. Targets are to 6332.5.0, the last 1 hour high, 6360.5, yesterday's top and 6383.0, Friday's high trade.