FTSE 100 Forecast for the week of September 3, 2012, Technical Analysis
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The FTSE had a soft week as the markets fell towards the 5700 level. This sets up an interesting week ahead, as the 5700 level is significant support. This does overall look like a buying opportunity though, and we would do exactly that if we get supportive candles on shorter time frames such as the daily.
Based upon the hammer that we see from five weeks ago, we really aren’t comfortable selling the market on the whole until we get below the 5500 level. Because of this, we do fully expect a bounce in British blue-chip stocks, and would perhaps be interested in purchasing either banks or futures against the index. Going long is the only way were going at this moment in time, and would that will not change in till we get below the 5500 level.
FTSE 100 Forecast for the week of September 3, 2012, Technical Analysis
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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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