FTSE 100 Index UK100 Since making a seasonal high on 22nd May FTSE has fallen away down a narrow impulse wave and chanelled down the smaller falling pair of parallels from the new high. Whist constrained within the channel FTSE remains vulnerable to further selling pressure back to the first minor support line at 7691. Failure to hold here will trigger a shorting opportuninty back to the 7600-75832 range where it should attempt to bounce away to the upside again. Looking beyond that bounce, should 7580 fail further out in time FTSE will likely fall away much further over the summer, to a new downside target in the 7335-7294 range. Returning to the upside FTSE has to break back above the upper parallel carrying the current down-wave for the bears to back off again now - it can do this, but only if 7691 holds up on London open. This level looks key to the near term. It must hold here and bounce up through the upper falling parallel and then hold up on the restest once it is broken above - if we see this kind of price action soon after the open can look to get long with stops under the 7690 level, but still ready to reverse again short if the stop is broken by 10 or more points.
Comment
FTSE 100 Index Update Now testingth enext crucial near term support at 7600-7582. Can close out now for 91 points profit but be ready to shoe=rt again once 7582 gives way with stops above 7600.
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