Daily Forecast - 07 October 2015

Ftse December contract

FTSE

FTSE small double top adds to the negative outlook & a break below 6270 risks a slide to first support at 6245/43. This is only minor & further losses target better support at 6205/00. Although we should pause here, buying in to longs looks risky & a break lower targets 6169/65 then the best support for this week at 6135/30.

Holding above 6270 allows a recovery to 6310/15. A break higher keeps bulls in short term control to target 6335/40, perhaps as far as 6353/56. In overbought conditions are likely to be limited but if we continue higher look for a selling opportunity at 6395/99, with stops above 6420.

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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