FTSE 100 day trade outlook: Holding onto a positive bias
Day trade update and view
A firm rebound just above 6241.5 resistance to 6244 and then another setback Thursday down through 6155.5 and 6126.5 supports holding above 6097, and whilst above here we cling onto an upside rebound bias from the latter July advance to the upper end of the broader trading range, to just keep the threat to the upside for Friday.
Day trade setup
- We see an upside bias for 6152.5 and 6204; a break here aims for 6244 and maybe 6283/91.
- But below 6097 opens risk down to 6055/51.5 and possibly 6017.
FTSE 100 intermediate-term outlook
The early June rally to close the runaway bear gap from early March at 6282-6397 signalled an intermediate-term shift to a broader range seen as 6512.5 to 5930.5.
- Upside risks: Above 6512.5 sets an intermediate-term bull trend to target 6871.5, 7000, 7439.5 and maybe 7629.5
- Downside risks: Below 5930.5 sets an intermediate-term bear trend to target 5651, 5325/16.5 and 4733.