The market has printed another bullish Weekly bar, where most of the advance took place last Thursday.
As commented in the last review, after the reversal attempt up on the previous Friday that lacked the thrust up at the end, a bullish Daily bar that closes above the Daily 8 EMA short term sentiment line can signal for the next bullish move, as it did on last Monday, the passing week.
The market is very near to the next targets. First, the nearest target is at 7470, signaled by two bullish Weekly Pinbar on sloping 8 EMA. Second, the 7500 level being pointed at by the 2016 first half Semiannual Pinbar on sloping 8 EMA.
Higher target is the Quarterly bullish Pinbar on sloping 8 EMA of the previous quarter, pointing at the 7580-7600 level area.
Any Daily pullback towards the 8 EMA that ends as a sign of strength (bullish Pinbar/Engulfing patterns) should be taken into consideration to join the bullish move towards the next targets mentioned.
FTSE100, Weekly, Monthly and Semiannual charts (at the courtesy of prorealtime.com)
Disclaimer: Anyone who takes action by this article does it at his own risk and understanding, and the writer won’t have any liability for any damages caused by this action.
