FTSE 100 Daily Analysis 11Th Nov 2009 - We Finally Reach The 5300 Level

The FTSE 100(UKX) finally recaptured the 5300 level in the early hours of this morning at 9.50 am.

So what happens next?

The oil producers have put in a mixed performance this morning as crude hovered around the $79 a barrel mark, with BP(BP.L) trading down but its partner was trading up.

Better-than-forecast interim results from Sainsbury gave the supermrket operators a boost. Sainsbury reported total sales were up 3.7% to £11.158bn in the 28 week period to 3rd October.

The number of Britons claiming jobless benefit in October rose by its smallest amount in 18 months, while the number of people in work rose for the first time in over a year, official data showed on Wednesday

Inflation will be below target in two years time if interest rates rise gradually from the middle of next year as financial markets expect, the Bank of England said in its quarterly Inflation Report on Wednesday

Technical Outlook

The self fulfilling prophecy of a double top at 5300 will be in play for the remainder of the day, we shall sit on the sidelines to see whether or not we can get confirmation or negation.

Support Levels;
5268, 5244, 5230 , 5190

Resistance Levels;
5300 (pretty obvious),