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FTSE 100 future: New rallies are seen - Natixis

New rallies are seen, as the daily stochastic has picked up but only a return above the resistance at 7443 (daily Bollinger moving average) would undermine the daily bearish channel, suggests Micaella Feldstein, Research Analyst at Natixis.  

Key Quotes

“We don’t favor such a view since the weekly indicators remain sharply bearish, suggesting another leg lower for the contract.  Against this backdrop, we’ll remain vigilant with an eye on the supports at 7336-7350 (9-month moving average) whose break would provide fresh bearish impetus to supports at 7219-7240 (weekly parabolic).”  

“The resistances are at 7443, at 7502, at 7550-7558 and at 7589.”

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