FTSE en route to 5300

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The FTSE is en route to just under 5300, according to Andrew Gebhardt and Tom Read of HPC SA.

Gebhardt and Read say the target for the move that started on Tuesday and took it through January’s low will not exhaust itself till 5300. The model, based on “pain” points identified using volume based Market Profile, has a target of 5298 off the 5849 trigger with a suggested stop of 5959. Furthermore Gebhardt and Read consider that the move will take about two months to play out.

Read the full report.