FTSE 100 Index Forecast August 27, 2012, Technical Analysis
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The FTSE 100 Index attempted to rally during the Friday session, but pulled back from the 5800 level in order to form a shooting star. This suggests that we are in fact going to go lower at this point in time, and retest the 5700 level as support.
We think that in the short term, the market should be a bit soft and that British stocks may suffer. However, we look at this more or less as a pullback, and not some type of meltdown. With this being said, we are going to look the market fall and look for supportive action around the 5700 level in order to go long high beta British stocks.
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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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