FTSE 100 Forecast October 11, 2012, Technical Analysis
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The FTSE 100 had a very negative session on Wednesday as the “risk off trade” came back into play. The world is starting to become more and more concerned about economic expansion and as such riskier assets are selling off. We still see the 5700 level as an area of support, so unless you are already short of the market, we feel that the risk to reward ratio just isn’t there.
However, we are starting to see signs of a possible head and shoulders. This would be confirmed if we could go below the 5680 level, and we could see quite a selloff in the process. If that happens, we would expect a move down to roughly the 5400 level, which of course is an area we see massive support.
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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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