FXstreet.com

Markets Chartist Technical Analysis

0

0

FTSE

Mon, Nov 2 2009, 08:54 GMT
by Carol Harmer

Charmer Charts.com


FTSE Dec Contract

FTSE

Ftse held 5142 and smashed lower. The break of 5045 took this to the longer term 61.8 fib level of 4964, halting at 4971. Today, as you would expect, the short term charts are oversold. Again they have not turned to show a move higher. So initially they may be a bounce, but it would only start to really come higher once these short term stochastics have turned.

Now there is good short term resistance located at 5011/13 and this may be enough to hold the topside until the stochastics turn. Buyers would therefore look to cover all longs to here. Brave sellers may appear, but they will not hold if the market breaks 5020. A break above here would start a move to the topside with initially the break point of 5045 the immediate target. Longs to be covered to here. Only re-instate further longs if the market breaks above 5054.

Longer term weekly charts are showing a move lower over the coming weeks. Considering there has been so little retracement from the lows of March to current times this move should be expected. It is not going to detract from the overall bullishness of the weekly charts, but a move to 4817 to 4745 should not be ruled out..


Archive

Charmer Charts.com http://www.charmercharts.com/ | info@technicalanalysisreports.com

Legal disclaimer and risk disclosure

The research provided by Technicalanalysisreports.com and Charmer Charts is provided solely to enable clients to make their own investment decisions and does not constitute personal investment recommendations. No recommendations are made directly or indirectly by Technicalanalysisreports.com or Charmer Charts as to the merits or suitability of any investment decision or transaction that may result directly or indirectly from having viewed the technical analysis investment research. Customers are therefore urged to seek independent financial advice if they are in any doubt. The value of investments and the income derived from them can go down as well as up, and you may not get back the full amount you originally invested. Derivatives and foreign exchange trading are particularly high-risk, high-reward investment instruments and an investor may lose some or all of his or her original investment. Also, if you decide to acquire any investment denominated in a different currency you should note that changes in foreign exchange rates may have an adverse effect on the value, price and income of the investment in your own currency. Technicalanalysisreports.com or Charmer Charts shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the technical analysis investment research or any part of the research materials published or otherwise any loss of data on transmission, howsoever caused. Whilst the research material published is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Technicalanalysisreports.com or Charmer Charts, its officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials.


Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
IG Markets
Contact the broker/FDM
Open a demo account
Capital Market Services, L.L.C.
Contact the broker/FDM
Open a demo account
FXDD
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.