Lots of sideways action going on at present. We are still looking for the FTSE to bottom out very shortly in this long winded correctional move. This could come in today. Tuesday's are generally bullish days.
Today we have the magnet and we also have key resistance at 5370. A failure to climb above this level (5370) and FTSE risks falling towards 5300. I don't expect much more downside below here (5300). Likewise a decent break above 5370 is a positive signal for the FTSE.
MAGNET - We are too close to this level right now so I would look to target the magnet if we climb towards 5370 and fail to go above. Stops 3-4 points above 5370. I can't automate this trade for you today and its really a case of watching any reactions at 5370 early on.
The other trade idea is to buy the FTSE binary to finish up for the day at or near to 5300 if the closing gap is not reached first. I may well send an SMS on this.
So in summary we don't have a trades off the open today and it will be a case of watching reactions at 5370 and 5300.
MEDIUM TERM FORECAST - A rally towards 5600 whilst we avoid 2 x end of day closes
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