FTSE 100 Index forecast for the week of September 10, 2012, Technical Analysis
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The FTSE 100 index had a positive several sessions for the previous week after initially falling. The resulting candle looks very much like a hammer, and has found support in the 5700 range. This looks like the market is willing to attempt to reach the highs again, but it should be kept in mind that the 6000 level still serves as massive resistance.
In fact, with a hammer printed six weeks ago, it appears that we have massive support under current levels. We like buying futures that follow the index, as well as higher beta financial stocks in the United Kingdom.
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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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