FTSE breaks higher
Having smashed the 6800 level yesterday, the FTSE 100 is busily consolidating above this point and, indeed, pushing on once more. The next target to watch in the short term is 6870, and after this we look towards the 100-day SMA at 6917 as the next destination if bullish momentum continues. With daily stochastics now firmly bullish, this index has once again moved into a ‘buy the dips’ phase. A rising hourly trend off the 18 June lows should see support come in around 6770, but if we are not afforded the luxury of such an obvious dip, traders should use intraday stochastics to aid identification of promising dips.