Daily Forecast - 15 October 2014
Ftse December contract
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.
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