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FTSE 100 Outlook – Constructive Price Behavior Suggests Higher Prices

FTSE 100 Outlook – Constructive Price Behavior Suggests Higher Prices

2019-07-22 11:00:00
Paul Robinson, Strategist
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FTSE 100 Technical Highlights:

  • FTSE 100 building a bull-flag pattern
  • Next levels to watch arrive until upper 7700s

For our analysts intermediate-term fundamental and technical view on the FTSE and other major indices, check out the Q3 Global Equity Markets forecast.

FTSE 100 building a bull-flag pattern

The FTSE 100 has been backing-and-filling since topping out early this month; the price action is overall bullish in the absence of strong selling. A maturing bull-flag is the result of the gradual decline, which means here shortly if the FTSE is to make good on the pattern it should start to trade higher again in-line with the trend off the June low.

A move above the top-side trend-line of the pattern and 7590 swing-high from last week should be enough to get things rolling higher beyond the 7621 level from July 3. Looking to the left, outside of the small swing-high from August that recently helped put a lid on prices, there isn’t any significant price resistance until the congestion from the middle of last year in the vicinity of 7765/90.

The FTSE could still turn down from current levels and trade lower without breaking the sequence of the bull-flag, but it will need to do-so without strong momentum and maintain the parallels in place that make up the pattern. Should selling turns aggressive, then we will need to reconsider the index’s positioning.

Check out this guide for 4 ideas on how to Build Confidence in Trading.

FTSE Daily Chart (building a bull-flag)

FTSE 100 Outlook – Constructive Price Behavior Suggests Higher Prices

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---Written by Paul Robinson, Market Analyst

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