FTSE 100 weekly candle chart for the UK Index
The ftse 100 finished the week higher last week, breaking marginally above the 20 day moving average once again, as the index struggles to regain the highs of April once again. The psychological 5000 level remains the key price point for the index, which to date has held firm during the recent pull back from the highs of 5,833. From a technical perspective last week’s candle ended as a narrow spread up bar, which held above the 20 day moving average, giving us a bull signal, that further confirms the hammer candle of the previous week. For the upwards momentum to continue this week we need to see a break and hold above the 50 day moving average which would then indicate that the appetite for risk has returned once again, and provided we see this in due course, then the ftse 100 should move above the 5,800 price level once again, with our longer term target of 6,000 and above back in focus once again. For ftse betting this week, look for small long positions on an intra day basis, either using a spread betting strategy with a hedged position on the US dow 30, or alternatively using binary options.
