FTSE – Continues to trade within a range

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FTSE – Continues to trade within a range

Weekly: The index continues to trade in a narrow range between 7486 -7802 and is showing no sign of exiting this range. The weekly candles are posting small bodies which indicates a lack of direction and indecision. As the summer months are ending we now expect to see a pickup in trading activity.

Daily:  Price action continued to range between key support & resistance (7486 – 7802) and we expect this to continue. The trend of lower highs is located at 7760. Trading has been mixed and volatile. Political developments concerning Brexit and currency moves continue to have a dominant effect on the market. We look for opportunities to play the range in the short to medium term.

Intraday: We have a Gap open at 7585 from 24/08/2018 to 28/08/2018. Positive overnight flows lead to an expectation of a firm open this morning. Further upside is expected although we prefer to set longs at our bespoke support levels at 7585, resulting in improved risk/reward

Action: We look to buy at current levels and on a dip to 7560

Stop:  7510

Targets: 7790 & 7850

Risk Warning

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Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with spot foreign exchange and futures trading, and seek advice from an independent financial advisor (IFA) if you have any doubts. All information posted on this website is of our opinion and the opinion of our visitors, and may not reflect the truth. Please use your own good judgment and seek advice from a qualified consultant or IFA, before believing and accepting any information posted on this website.

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Losses can exceed deposits

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