Technical Forecast for FTSE 100
FTSE Sep13 reached the next target at 6625 & tested trend line resistance at 6635 as hoped. We predicted selling pressure here & advised to exit longs & try shorts with stops above 6640. This trade worked perfectly as we topped exactly at 6635. We fell back to support at 6561/60 & a low for the day predicted & we bottomed exactly here. The short term outlook has now turned negative so a break below 6560 should target 6545/40 today. If we continue lower we meet good support at 6522/20 for a buying opportunity with a low for the day expected. However if we continue lower look for further good support at 6500/95.
Immediate resistance at 6590/95 could hold the topside but above here look for 6608/12 then a retest of 6630/35 for a selling opportunity.
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