Technical Forecast for FTSE 100

FTSE tried a break below 6590 but recovered quickly from 6586 to reach resistance at 6645. We could struggle again at 6650/55 today but above 6660 opens the door to a test of tough resistance at 6692/99. Look for a high for the day here so exit longs & try shorts but we need stops above 6725 for a move towards 6756.

 

Failure to beat 6655 could see us drift back to 6598/88. A break lower today cannot be ruled out and could target the March high at 6558/52. If we continue lower look for good support at 6518. Any further weakness could offer a buying opportunity at 6472/66 with stops below 6435.