( UK100 ) FTSE grinding higher
The ( UK100 ) FTSE continued its progressive behaviour after sinking towards 9000 at the beginning of the month. A break above the cluster of levels around 9250 has triggered a boost of short-term long positions, sending the price above 9320. The RSI’s overbought condition could attract some selling interests as the index grinds the key demand zone. 9280 is the first support to break if a pullback occurs.
USDJPY consolidates gains
The US dollar attempts to halt the freefall after the Yen entered a consolidation phase. A move above 147.00 has forced short-term sellers to cover, easing the bearish pressure. Bulls will need to show more confidence before they can push above 147.60 and towards the early September high at 149.00. 146.80 is the closest support and further down 146.30 at the recent bottom is a key level to keep the recovery momentum intact.
USOIL remains pressured
WTI found firm resistance after the recent bullish rally, as almost $5 was wiped off its value. A series of lower lows was a sign of mounting selling pressure, and each dip has been an opportunity for trend followers to jump in. However, the slight bounce found at 61.50, along with a double bottom confirmation, could shift sentiment to the upside. 62.70 is the first target as the RSI bounces away from the oversold territory, and 63.50 is a second layer to begin the recovery.
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