Technical forecast for FTSE 100

ftse4

FTSE Sep13 headed lower as predicted but broke down to 6445. Here we meet the 100 day moving average so this level is important today as we start to look oversold short term. A push higher meets resistance at 6490 & we should struggle here. However if we continue higher look for a selling opportunity at 6517/20 with stops above 6540. Next resistance at 6560/65 for a second selling opportunity with stops above 6574 and then a gap to fill at 6584.

A break below 6440 keeps the market under pressure for trend line support at 6420 then Fibonacci support at 6396 which could hold the downside. Exit shorts & try longs with stops below 6380 for a move towards support at 6315/10.

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