Stock averages still aiming higher (FTSE 100 forecast)

Intermediate
  • Global stock averages pushed higher again on Tuesday, to reinforce strong gains from Monday, pushing to still higher new recovery peaks. (see our report here too from yesterday on the S&P 500).
  • This has echoed hopes from a decline and plateauing of new cases/ deaths from COVID-19 in Europe and rumours of the removal of some lockdowns in various, major economic nations going forward.
  • Here we focus on the future on the UK benchmark index, the FTSE 100 future.

FTSE 100 future trade outlook: Threat stays topside

A Tuesday surge above resistances as high as 5722.5 up to 5772, to build on Monday’s rebound through 5551.5/53.5 resistances and also 5582.5, to keep risks higher into Wednesday.

  • We see an upside bias for 5772, 5789.5 and 5816; a break above aims for 5855/60, maybe towards 5919.
  • But below 5604 targets 5576.5/61, which we would look to try to hold. Below aims for 5497, maybe 5466.5.

FTSE 100 future intermediate-term outlook

A late February plunge below 7164 set an intermediate-term bear trend.

  • Downside risks: We see an intermediate-term bear trend to aim for 4701.5 and 4500, maybe 4060.5.
  • What changes this? Above 6398 shifts the intermediate-term outlook to neutral and through 6871.5 to bullish.

Daily FTSE 100 Future Chart

ftse 100 chart

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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