The FTSE 100 equity index is exhibiting bullish sentiment, reinforced by the prevailing uptrend. The recent intraday price action appears to be a corrective sideways consolidation, potentially forming a Bullish Flag continuation pattern, which typically precedes a continuation of the upward momentum.
Key Trading Levels:
Support Level: The critical support level to watch is 8,594, marking the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish bounce from the 8,596 level, could pave the way for an upward move toward the next resistance levels at 8,729, followed by 8,798 and 8,853 over a longer timeframe.
Alternative Bearish Scenario:
A confirmed loss of support at 8,594, with a daily close below this level, would invalidate the bullish outlook. In such a case, the index could experience further retracement, with potential downside targets at 8,539 and 8,465.
Conclusion:
While the current sentiment remains bullish, traders should closely monitor the 8,594 support level. A successful bounce could reaffirm the bullish momentum, targeting higher resistance levels. Conversely, a break and close below this support would signal a shift in sentiment, suggesting a deeper corrective move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Trading Levels:
Support Level: The critical support level to watch is 8,594, marking the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish bounce from the 8,596 level, could pave the way for an upward move toward the next resistance levels at 8,729, followed by 8,798 and 8,853 over a longer timeframe.
Alternative Bearish Scenario:
A confirmed loss of support at 8,594, with a daily close below this level, would invalidate the bullish outlook. In such a case, the index could experience further retracement, with potential downside targets at 8,539 and 8,465.
Conclusion:
While the current sentiment remains bullish, traders should closely monitor the 8,594 support level. A successful bounce could reaffirm the bullish momentum, targeting higher resistance levels. Conversely, a break and close below this support would signal a shift in sentiment, suggesting a deeper corrective move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.