FTSE 100 Forecast August 10, 2012, Technical Analysis

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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

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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