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Neighbour: Looking for another rally above 6000 in FTSE 100

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January 28, 2016 equities, equities trading, equity, equity market, equity markets, equity portfolio, equity strategy, equity trading, forex, ft, ft alphaville, ftese, ftft, ftse, ftse 100, ftse 100 bear trend, ftse 100 dax 30, ftse 100 index, ftse 14 year high, ftse 15 year high, ftse 250, ftse 6900, ftse 6950, ftse 7000, ftse 7400, ftse all-time highs, ftse bearish, ftse bullish, ftse correction, ftse emerging economies, ftse emerging markets, ftse fourteen year high, ftse futures, ftse gains, ftse index, ftse index 100, ftse index 100', ftse index bull, ftse investing, ftse negative, ftse new highs, ftse precise action, ftse record high, ftse record highs, ftse resistance, ftse stocks, ftse trading, ftse-dax spread, ftse.i, ftse100, ftse250, ftsemib, ftt, index, index trading, indexes, india, indices, industrial, mining, saxo tv, tradingfloor.com, uk, uk economy
Joe Neighbour is looking for a repeat of yesterday's rise above 6000 in the FTSE 100. The index had started off the day yesterday weak but rallied and then fall back. Joe sees this scenario as an opportunity: "...this leaves us on the charts with quite a nice inverse head and shoulders pattern. This looks best on the 30 mins and 60 mins charts. The pull back after hours has seen the index touch and bounce from the neckline of this pattern at 5920. This for me is a cue to buy. My medium term view remains bearish, but in the near term I think there is scope for a decent push higher."

Neckline at 5920
Stop: 5850 & 5770
Targets: 6230