FTSE 100 Forecast October 19, 2012, Technical Analysis

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The FTSE 100 had a strong showing for the Thursday session if you consider how far we’ve come in such a short order. The 5900 level still looks to be rather resistive, and as such it does look like we are trying to break out as the day finished relatively strong.

However, we see quite a bit of noise and resistance between here and 6000, so we are a little bit hesitant to go long at this point. In fact, we think that this is a buyer’s market but only on the dips. We like the FTSE in general, and believe that banks and other institutions that are finance related should do quite well once the Spaniards ask for their bailout. In the meantime, we simply wait for dips in order to buy and go long British stocks in general, but especially those listed on the FTSE 100.

 

FTSE 100 Forecast October 19, 2012, Technical Analysis

FTSE 100 Forecast October 19, 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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