FTSE 100 Index Forecast October 8, 2012, Technical Analysis
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The FTSE 100 had a strong day on Friday as the 5800 level has been solidly broken above and confirmed as of the closing Friday. The candle looks very healthy, and we think that the 5900 level will be giving way fairly soon as well. We are bullish of the FTSE at the moment and do like buying the ETFs that follow it in order to keep a “core position” in this marketplace.
We think that there is a significant amount of resistance between 5900 and the 6000 levels, so having said that we are not willing to take on futures positions at this moment in time. Once we clear the 6000 level on a daily close however, we think that more leveraged positions such as futures and individual stocks can be taken going forward.
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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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