Technical forecast for FTSE 100

ftse

FTSE Dec13 quite directionless but held support at 6665/6660 perfectly for the second day. The outlook is mixed so same levels apply today. Support at 6680 then 6665/60 but longs need stops below 6650. Next support at 6630 but a retest of 6605/00 is a buying opportunity. Stops below 6580.

Resistance at 6720/25 but shorts need stops above 6730. A break higher then targets 6765/70 & possibly a test of October’s high at 6798.

Weekly outlook: Strong support at 6605/00 was tested & held last week, but below here look for 6545/40 then a buying opportunity at 6505/6475. Resistance at 6798 then this year’s high at 6861 for a selling 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