Daily Forecast - 15 October 2014

Ftse December contract

Ftse

FTSE held immediate support at 6285/80 & made it back above 6325 for a selling opportunity at 6350/60 with stops above 6385. We topped at 6384.5 & dipped back towards 6325. IMPORTANT RESISTANCE AT 6390/6400 IS KEY. TRY SHORTS WITH STOPS ABOVE 6425. A BREAK HIGHER IS A BUY SIGNAL. The bounce off important longer term Fibonacci support at 6255/45 on Monday followed by a break above 6400 today will confirm an end to the 4 week bear trend. We should then quickly target 6445/50. Watch for a high for the day. However a break higher perhaps later in the week targets strong resistance at 6490/6500.

Below 6340/30 however keeps the market under pressure to target 6305/00. Below here topside 6279/75. A retest of crucial support at 6255/45 is a buying opportunity as this may mark he low for the sell off at this stage. Longs need stops below 6225 to target 6200/95 then 6170/60 & 6135/30. If we continue lower look for excellent support at 6095/85. May not be worth running shorts any further at this stage & may even be worth trying longs from here down to 6070/60.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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