Taking in account the latest positive developments around Brexit talks and the return of the global risk-on scenario (US elections, US-China trade war), the FTSE 100 index has a positive fundamental outlook for the upcoming weeks. From the technical perspective, it can be seen that an inverse head and shoulders pattern is being formed, which indicates a downtrend reversal. Alongside with a bounce of an important support zone, it is reasonable to open a long trade.
The idea is to trade the break of the neckline with a 4h candle serving as a time filter for additional confirmation. Furthermore, the trade to be initiated we should get a break of the downtrend line on the RSI (Daily) + a buy signal on the STCH (4h), which I tried to project. Stop level below the second shoulder and target 1 based on the minimum price objective. After the 1st target will be achieved the SL can be moved to break even level and new targets as seen on the chart.
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The idea is to trade the break of the neckline with a 4h candle serving as a time filter for additional confirmation. Furthermore, the trade to be initiated we should get a break of the downtrend line on the RSI (Daily) + a buy signal on the STCH (4h), which I tried to project. Stop level below the second shoulder and target 1 based on the minimum price objective. After the 1st target will be achieved the SL can be moved to break even level and new targets as seen on the chart.
Support my analysis be giving LIKES and FOLLOWS. It helps the channel grow and motivates me to post free content.
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