WEEKLY DEC'19 FTSE - This week's technical analysis & trade strategy
DEC'19 contract - Monthly sentiment has been switching from bullish to bearish since posting a 2019 high in July at 7666.0. Following 5 unchanged weekly closes in a row, a sell-off in the 1st week of December saw those losses completely recovered last week, leaving futures unchanged on the month overall. This highlights the investor indecision which has dominated going into last week’s election, and at this stage trend signals are still not clear. On balance though there is a very cautiously bullish bias and the outlook for this week is to buy just modestly on the open and then at 7294.5, last week’s Marabuzo line with a stop loss at 7194.0, Wednesday’s base. Targets are to 7431.0/42.0, the Dec & Nov high trades, 7543.5, August’s top and 7666.0, this year’s peak in July.
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