FTSE 100 Forecast August 10, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The FTSE had a bullish session on Thursday after initially falling. The action resulted in a hammer being printed for the day, and the market certainly looks as if it wants to go higher now. However, we are overextended, so this is a concern.

The 5,800 level looks to be acting as support after the Thursday action, and as such we could see a slightly consolidative phase as well, so that the buyers can take a breather. The 6,000 level above looks to be very resistive, so we think that the area between 5,800 and 6,000 could be the region we stay in for a while. Because of this, we are relatively neutral, with maybe a slightly upward bias for London at this time.

 

FTSE 100 Forecast August 10, 2012, Technical Analysis

FTSE 100 Forecast August 10, 2012, Technical Analysis

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network