The FTSE fell during the session on Thursday, crashing into the 6360 handle. However, we had enough support to turn things back around and form a hammer.
The FTSE fell during the session on Thursday, crashing into the 6360 handle. However, we had enough support to turn things back around and form a hammer. This hammer of course suggests that we could get a bit of a bounce, so break above the top of the range for the session on Thursday would in fact be a short-term buying opportunity, perhaps heading to the 6500 level. With this being the case, we also recognize that a break down below the bottom of the hammer would be a selling opportunity as the market should then reach towards the 6250 handle.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
