UK100 (FTSE) Weekly forecast, Technical Analysis & Trading IdeasMidterm forecast:(Daily TF)
The ascending flag taking shape suggests we will soon see another leg higher.
While the price is above the support 7911.37, resumption of uptrend is expected.
We make sure when the resistance at 8485.05 breaks.
If the support at 7911.37 is broken, the short-term forecast -resumption of uptrend- will be invalid.
A peak is formed in daily chart at 8385.30 on 12/09/2024, so more losses to support(s) 8083.43, 8007.24 and minimum to Major Support (7911.37) is expected.
Trading suggestion:
There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (8007.24 to 7911.37). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (8007.24)
Ending of entry zone (7911.37)
Take Profits:
8083.43
8183.03
8242.89
8380.25
8485.05
8664.21
8765.00
9000.00
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Have a successful week,
ForecastCity Support Team
