SEP'17 FTSE - signals point to temporary recovery
​ A strong trend of lower weekly highs has kept this week’s signals for FTSE pointing lower, but with daily sentiment oversold near 7246.0, a 62% pullback to the entire Apr-Jun gains, the call is to stay square to start with and to either sell the rally at a 38% recovery, or down through June’s low. Monday’s trading was trendless however, sentiment trading sideways for an unchanged close. Signals are not strong, but a developing trend of higher daily lows has left a cautious and temporarily positive outlook for Tuesday, so with this in mind the call is to buy on the open and at 7290.5, yesterday’s low with a stop loss at 7267.5, just below Friday’s Marabuzo line. Targets are to 7328.5, yesterday’s high, 7365.0, a 50% recovery to the losses posted since the last 3 week top and 7393.5, the 29th June high trade.
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