FTSE 100 Forecast August 20, 2012, Technical Analysis
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London stocks had a slightly bullish session on Friday, but remain in a fairly tight consolidation range. We see that the 5800 level is supportive and could perhaps buy this market as we find support in that general level. We also see the 5700 level as support, and decidedly more so, and would be very interested in buying this market on a pullback to that area and proof of supportive action.
Above we see the 6000 level as needing to be broken on a daily close in order to get bullish again. Although we like the general direction and tone of the market, they cannot be helped but recognize that the market might be a bit overextended at this point in time. Because of this, we are fairly cautious with London stocks bonds think eventually the markets will go higher.
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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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