Technical forecast for FTSE 100

ftse2

FTSE Sep13 beat 6580/86 today but has so far topped at 6612, short of the next target at 6625. We could still achieve the target & perhaps even test trend line resistance at 6635 but we should meet selling pressure within this area. Exit longs & try shorts with stops above 6640 for a test of August highs at 6669/70.

Immediate support 6588/85 then 6577/75 with better support at 6561/60 & a low for the day likely. However longs need stops below 6550 for 6536/34 & a buying opportunity.

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