FTSE 100 stays strong, with another new high for the year

Intermediate
  • Global equity markets remain extremely strong with global economic data continuing to improve, particularly from China in early April.
  • Furthermore, positive sounding ion the US-Sino trade negotiations have helped share markets higher to start the second quarter.
  • This has built on the extremely strong start to the year, with the first quarter yielding extremely strong performances by global stock indices
  • Here we look at the UK benchmark stock average, the FTSE 100.

FTSE 100 bull trend intact

Another push higher Wednesday to another new cycle and 2019 peak at 7354.5, reinforcing the recent break through a key long-term retracement level at 7317.5, to further build on Monday’s bull gap (7221.5-20), to keep the bias higher Thursday.

The early February push above 6998.5 sets an intermediate-term bull trend.

For Today:

  • We see an upside bias for 7354.5; break here aims for a key peak at 7373, then towards 7398/7400.
  • But below 7307 opens risk down to 7295.5, maybe towards 7255.5.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 7453 and 7570.

  • What Changes This? Below 7068 shifts the outlook back to neutral; through 6943 is needed for a bear theme.

Daily Chart

FTSE100 Chart

Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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