A muted start for FTSE this morning

At the time of publication the Index was trading lower at one point versus the opening call of up 15  We have made up some ground however and as we write this report we are up 13.1 and above key resistance at 5843 in the cash and futures. The session does have the excitement of yesterdays however with volumes and the market feeling very restrained.  

We have some economic data this afternoon from the US in the shape of July consumer confidence &  June home sales.

The 50% Fib retracement level on the FTSE cash of the May decline is at 5826, this is the low of the day so far.  We believe the July Resistance of the FTSE is at 5908 and the June Resistance line projection is 5957.

Looking at yesterdays signals & comments  SAB Miller continue to rally and have  traded as high this morning as 1044p  – Another stock that has maintained upward momentum is Easy Jet which now stand at  449p having traded at 460p  and in doing so filling the gap we mentioned yesterday.

Looking at todays signals we note the dead cross in home shopping and educational supplies group Findal (FDL .L)  this follows hard on the heels of yesterdays bearish breakout signal.  The stock has retraced from resistance at 585/590p in the last month and has been in a range between support at 540p & 523p.
 

The short term down trend line suggest a move to 500p is possible.  The stock currently stands at 544p volume has been lite of late as in all such cases we watch for further weakness a test of supports accompanied by good volume.

Punch Taverns (PUB.L) has posted a golden cross today following yesterdays bull break out at 890p

Yesterday the stock is facing resistance at 900p above here we have just the all time high of 936.5p ( 12/05/06) for reference we have come back to the signal price again today.  We will wait for a decisive move through 900p on good volume.

UK P&F Breakouts: 24 Jul 2006