The FTSE 100 rose during the Friday session in order to retest the 5900 level as resistance again. However, we have seen a significant pullback and formed
The FTSE 100 rose during the Friday session in order to retest the 5900 level as resistance again. However, we have seen a significant pullback and formed a shooting star for the session. This is a very bearish sign, especially when you take into account how much resistance is been seen above the 5900 level. With that in mind, we are very bearish of this market for the next few sessions. Whether or not it’s any type of meltdown – that could be debated -we still think that the next couple of moves will be to the downside.
FTSE 100 Index Forecast December 3, 2012, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
