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FTSE 100 Future Resilient Correction, Bull Trend Intact

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FTSE 100 Future Resilient Correction, Bull Trend Intact

A further dip and another bounce from a spike to prod at better supports at 6875/71.5. to attempt to build a base from the recent correction.

The base effort and bullish outside Monday pattern that produced a nudge to a new cycle high leaves a rebound bias today and whilst above deeper support at 6795, we see upside pressures into May.

For Today:

We see an upside bias for 6955.5; break here aims for 7000, maybe even up to 7023 and 7049.

But below 6870 opens risk down to 6835, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a more positive tone with the bullish threat through the new record high at 7085.5.

Above here targets 7123 and 7178.

What Changes This? Below 6795 signals a neutral tone, only shifting negative below 6618.

Momentum: The 8-day RSI, short-term momentum is positive, but not OB, leaving scope to go still higher this week.


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2 Hour FTSE 100 Future Chart

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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