Market Overview

Technical Forecast for FTSE 100

Share:
Technical Forecast for FTSE 100

 


FTSE headed higher as expected beating resistance at 6350/56 but fell a few points short of the 6376 target & sold off sharply to hold just above support at 6287. We are a little overbought in the very short term so we could continue lower but should find a buying opportunity at 6265/60. Exit shorts & try longs with stops below 6230.


 


The daily chart is getting more positive so eventually this week we should start to push higher. Above 6330 look for 6353/63. A break of yesterday’s high & resistance at 6370/76 should see a test of the 100 day moving average at 6400. If we continue higher we run in to tough Fibonacci resistance at 6450 with a high for the day expected if we reach this far.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas

 

Related Articles

View Comments and Join the Discussion!