Daily Forecast - 11 March 2015
Ftse March contract
FTSE did hold below 6782/77 & break 6734/30 as feared with the negative outlook & hit targets of 6705/00 then strong support at 6680/75 for a buying opportunity. We bottomed exactly here & a strong chance this will mark the low for this 2 week correction. Although the longer term outlook remains negative we could see a recovery today to target 6720 then resistance at 6735/40. We should struggle here and a high for the day is not out of the question but shorts need a stop above 6754 for a move to strong resistance at 6780/6790. Use this as a selling opportunity with a stop above 6800.
Strong support at 6680/75 is a buying opportunity again today stops below 6660. A break lower however is a negative sell signal & sees 6680 act as strong resistance for a move towards the 100 month moving average at 6615/6611. Exit all shorts here and try longs down to 6600, with no further losses expected at this stage. We expect a very strong bounce from the 6600 level, but longs need a stop below 6585.
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