A very positive close to the week on Friday with the FTSE closing above 6000.
As I mentioned on Friday the 1st of the month is when funds commit large cash amounts. If the general view is that a floor is in place at 5600 fund managers will be keen to invest and not miss the next leg up for this bull run.
With the trend up we want to positioning long for medium term trades. In the short term amateur traders will be using a close above 6000 as a reason to enter the stock market this week so we may see a decent correction very shortly. This is also confirmed with the fact that we are at the top of a horizontal trend channel that is running between 5598 and 6055.
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