Another surge in markets yesterday left the FTSE closing on the day's high at 5945. A very bullish sign.
We are overbought on the short term but this could still head higher today. I say that as its the 1st of a new month and because of the bullish close. Its unwise to try and pick a top at present unless you are using very tight risk parameters.
The magnet was activated yesterday as we passed through 5910. I expect this to be reached in the next few trading sessions however given the powerful nature of this rally I would prefer to use this target as a level to go long. With American market shut on Monday we could well see the FTSE have a short term correction to relieve over bought conditions.
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