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FTSE 100 future resilient, rebound (then extension) bias

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FTSE 100 future resilient, rebound (then extension) bias

A hesitant, but still resilient tone on Monday to enhance  the view that the solid bounce late last week from 61.8% retrace support at 6784.5 favours a further bounce effort this week.

We see bigger pictures bullish pressures resuming into early April from the  push last week to not just another new recovery high, but to an all-time high through 6995, the prior peak from 1999 and 7000 psychological/option target.

For Today:

  • We see an upside bias through 6858/60, then 6872/78; break here aims for 6925.5.
  • But below 6806.5 aims for 6784.5/83.5 and opens risk down to 6765, maybe 6731/22.


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1 Hour FTSE 100 Future Chart


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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