Technical forecast for FTSE 100

Technical forecast for FTSE 100

FTSE Sep13 shot higher over night to 6604 but we are very overbought short term & becoming so on the daily chart. Any profit taking meets 1 week trend line support at 6525 then a gap to fill at 6492/87. Look for a low for the day here but if we continue lower we should find a good buyingopportunity at 6455/50. Use stops on longs below 6420.

Immediate resistance at 6595/05 but above here see 6621 then 6643/53 before Fibonacci resistance at 6667.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More