The FTSE 100 continues its charge upwards – now over 400 points up since our Long Index Set up was hit.
Some of this is to do with the weakening GBP USD – little of it relates to volume which is nothing special at the moment.
We are very interested in seeing whether the FTSE can get into the 7300 to 7335 range as the timing and levels would dictate a nice pull back could be due (depending on other criteria) – but this would not be a low risk entry point for a short as the trend is up – until proven otherwise.
It is more likely that the pull back will be either to around 7050 or 6880 and these levels would be useful to add to existing long positions.
Finally, the “eagle-eyed” of you will have noticed a thick white line at the bottom of our chart. This trend line increases at over 100 points per month – all we’ll say at the moment is this is important.
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