FTSE still uptrending above 8590 levelThe FTSE (UK100) index price action sentiment appears bullish, supported by the longer-term prevailing uptrend.
The key trading level is at 8590, previous consolidation zone and a rising trendline zone. A corrective pullback from the current levels and a bullish bounce back from the 8590 level could target the upside resistance at 8695 followed by the 8740 and 8800 levels over the longer timeframe.
Alternatively, a confirmed loss of 8590 support and a daily close below that level could trigger a further retracement and a retest of 8556 support level followed by 8495.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
