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O’Hare: FTSE celebrates new highs

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The FTSE 100 recently hit a new all-time high, and Steve O’Hare from First 4 Trading believes there is potential for continued bullish momentum. The index set a record when it finally surpassed its previous 15 year high of 6,930.20. However on Monday the FTSE lost some of its gains after UK equities slipped, with HSBC Holdings PLC falling 4.28%.Steve notes however that this pullback has turned resistance levels into support for further gains.

Steve is looking to set longs in early trading around last night’s close at 6,908 and 6,860. He is targeting a move higher toward 6,965 and 7,035. A stop can be placed at 6,815.

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