FTSE pivot 5335 favours long trades. 5ema(5286) is acting as support with Daily move on Monday averaging 85pts and momentum up, Target range would be 5320-5405. If FTSE makes new Highs beyond 24th Feb and closes above 5400, then I would be looking for a challenge of the 11Jan High 5600. FTSE has risen 9 out of 10 days, a reversal candle on Monday and failure to close above 5400 will mark the top of this recent upleg with a target low coming in 2 weeks from now on Monday 8th March 2010. 333pt Move up from 5033(08Feb) to 5366(19FEB) has retraced 58.7% of the fall from 5600. Max 70% retrace would give a target 5430. 61.8% = 5384. Weekly Range 5250-5450.
50/50 Daily Rule uses the RSI(59) and 50ema(5271) to indicate the TREND. With the breakout on Thursday 18th Feb above the 50ema and RSI above 50, LONG trades should be in favour. BB 5045-5363
50/50 Weekly Rule favoours LONG trades with the RSI(58) and 50ema(4983). BB 5011-5510
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