FTSE – Completing a Bullish Flag pattern

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Weekly: A sequence of weekly higher highs and lows has been posted. Posted a bullish Flag formation. A break of 7677 is needed to confirm the outlook. The formation has a measured move target of 8736. Trading within a Bullish Channel formation

Daily: Buying continued from the 38.2% pullback level of 7500. We remain bullish overall and feel the corrective cycle has come to the end. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. Trading within a Bullish Channel formation. Trading has been mixed and volatile

Intraday (four-hours) – Broken out of the channel formation to the upside. Prices are extending higher from the bullish flag/pennant formation. Preferred trade is to buy on dips. Further upside is expected although we prefer to set longs at our bespoke support levels at 7660, resulting in improved risk/reward. Expect trading to remain mixed and volatile

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PIA-First provide award winning trade ideas on financial markets. Ran by traders for traders, PIA-First offer professional technical analysis combined with market sentiment specifically designed for the professional trader and investor whether they are independent or working in a financial institution. Our research covers over 25 different financial instruments from major equity indices, commodities and spot foreign exchange (FX).

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