Daily Forex Trading Tips Of Ftse Technical Update

By Author: Nils Marx
Total Articles: 1
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From July 25 to August 14, the FTSE 100 rallied from 5478.00 to 5876.10. This forex trading tips created a major retracement zone at 5677.10 to 5630.11. It also formed a triangle chart pattern that suggested a short-term break was in order. The move was not expected to be a trend changing event, but a normal correction in a bull market.On September 5, the FTSE reached a low at 5634.90. This price fell inside of the major retracement zone, just shy of the Fibonacci retracement price at 5630.11. With the index "in the zone" and a major news event taking place, it seemed to be the perfect set-up for a reversal back to the upside.On Thursday, the FTSE confirmed the low at 5630.11 with a follow-through rally on the daily chart. Upside momentum was so strong that the market was able to breakout over the resistance line of a channel down chart pattern which had guided the index lower over 101 time periods. Now that the FTSE appears to be ready to start another leg up, traders should be aware of a possible upside target. Based on the break from 5876.20 to 5630.11, traders should look for a ...
... rally to 5755.55 to 5784.02 over the near-term. Exceeding this retracement zone will indicate more upside to follow. For further information on this and other Autochartist products, visit our website at www.autochartist.com.