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FTSE 100: Going with the Flow

FTSE 100: Going with the Flow

2016-12-20 09:38:00
Paul Robinson, Strategist
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What’s inside:

  • FTSE 100 short-term trend showing healthy characteristics
  • Even with a small break of the short-term trend, solid confluence of support below
  • Top-side levels noted with further strength

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The FTSE 100 hasn’t made significant gains since we last discussed the index on Friday, but remains on course for higher prices. In the short-term, the FTSE continues to carve out higher lows and higher highs, most visible when looking at an intra-day time-frame (2-hr). The 12/2 trend-line is helping to keep things pointed higher. Even if the FTSE were to trade below the t-line, a break of other key levels below would be needed before concern regarding trend integrity would arise.

The FTSE traded up above the 11/10 spike high in recent sessions and is maintaining trade above there. The little consolidation period is poised to soon lead the FTSE in search of higher grounds. On a break above the recent peak at 7038, top-side levels we have on our radar arrive at back-to-back day highs printed at 7067 on 10/24-25, then it’s game on up to the 7104 record closing print and 7130 intra-day record high.

FTSE 100: 2-hr

FTSE 100: Going with the Flow

Created with Tradingview

Dialing out to the daily chart: Even if the neat little uptrend on the 2-hr chart were to be compromised a bit, there lies strong support not far below by way of the trend-line running up from June. It held well during most of November and was recaptured earlier in the month after breaking only briefly. The trend-line should prove reliable as support on any weakness. It also couples with horizontal support extending back to August, making for solid confluence.

Daily

FTSE 100: Going with the Flow

Created with Tradingview

All-in-all, global sentiment is strong, and to reiterate again, we expect that to continue through year-end. As long as the FTSE holds above support levels there is little reason to be bearish. It may not exhibit the power other global indices are demonstrating (looking at you DAX/Nikkei), but bids should remain firm in the UK. We choose not to fight it and go with the flow…

Join Paul live on Wednesday (12/20) for charts and trade set-ups. For a schedule of upcoming live events, see the Webinar Calendar.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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