FTSE 100: Intermediate-term bull shift reinforced

Hi there traders this is Steve Miley for forextraders.com and here we’re having our Friday look at the equity markets.

A strong move higher in here – taking a look at the FTSE 100 FUTURE – a break above important resistance here 7233.5 earlier in the week and then an impulsive more, breaking higher out of this small triangle – now probing the top of this bigger triangle consolidation pattern, up through an important impulse level there at 7297.

The break above 7233.5 shifted the intermediate term outlook to bullish and now the extension higher yesterday, on Thursday, leaving upside pressures intact, probing this down trend line/ triangle trend line in here up to 7318 and real risk up through 7318 for then targets at 7333 and 7359. Maybe as high as 7377 today.

On the downside it’s only back through 7259 for today we would see a slightly more negative tone.

This has been Steve Miley for forextraders.com.

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Have a great trading day.

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