LONDON FTSE100 (4418)
Not as pretty picture as Asian indices though it has been trading in a band between 4300 and 4500 over the last 15 days. This consolidation in a range below its resistance area is positive and could help it surge ahead in the coming days. But the Weekly RSI, as shown in the chart, even though its in a positive territory, but trading flat -a sign of confusion in the medium term.
However, the short term and medium term are positive but the long term is still negative unless some crucial levels above are surpassed.
Go long above resistance 4520 for targets of 4575. A move above 4575 would be positive and the only hurdle of small strength for the bulls beyond here would be 4676.
Short term traders may desist from initiating fresh longs on a firm close below 4300. But medium term turns negative only on a close below 4150.
