UK100 - Intraday - We look to Buy at 6400 (stop at 6370)
Although an initial dip was posted, buyers emerged and follow through bullish momentum resulted in all the previous day's losses being overturned. Current prices have reacted from a high of 6500, however, we expect further gains to follow. Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end. The move higher is mixed and volatile, common in corrective sequences. We have a 61.8% Fibonacci pullback level of 6575 from 7696 to 4762. Preferred trade is to buy on dips.
Our profit targets will be 6490 and 6570
Resistance: 6500 / 6570 / 6650
Support: 6400 / 6360 / 6310
Although an initial dip was posted, buyers emerged and follow through bullish momentum resulted in all the previous day's losses being overturned. Current prices have reacted from a high of 6500, however, we expect further gains to follow. Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end. The move higher is mixed and volatile, common in corrective sequences. We have a 61.8% Fibonacci pullback level of 6575 from 7696 to 4762. Preferred trade is to buy on dips.
Our profit targets will be 6490 and 6570
Resistance: 6500 / 6570 / 6650
Support: 6400 / 6360 / 6310
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