Daily Forecast - 20 August 2015

Ftse September contract

FTSE

FTSE July lows at 6375 are key to direction today but the outlook is negative despite oversold conditions. Be ready to sell a break below 6370 to target 6355/50 then important longer term support at 6320/15 for a buying opportunity. We look for a low for the day & perhaps for the week but longs need stops below 6300.

Holding July lows at 6375 in oversold conditions would signal the formation of a bullish double bottom pattern. Although this looks unlikely it would trigger a recovery to first resistance at 6435/38. Try shorts with stops at 6450. On a break higher look for 6470/73 then a selling opportunity at 6490/95, with stops at 6515.

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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