FTSE 100 Index Forecast October 16, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The FTSE had a relatively quiet session as the market tested the 5800 level as resistance yet again. It appears that we are now trying to form some type of triangle, and as such we are waiting to see the results of this compression.

The longer this market compresses like this, the stronger the move will be and we suspect that it will be relatively obvious. Because of that, we are simply on the sidelines when it comes to London stocks, and as such are waiting to see some type of breakout. The daily candle that breaks above the triangle of course has as buying while a daily candle that breaks below has a selling, probably through the ETF markets.

 

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