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Markets Chartist Technical Analysis
7
0
FTSE
Fri, Nov 6 2009, 07:53 GMT
by Carol Harmer
FTSE Dec Contract
Ftse has short term resistance at 5121/25. If this level is broken on the open the look for 5142/48. Here the market will come under pressure, so it is advisable for buyers to cover any longs to lock in profit. Short term charts are showing overbought, which is in direct conflict with the longer term daily charts which are suggesting that the market is going to gather strength and trade higher.
So the safest bet for this market currently, is to buy into weakness evident on the short term charts. 5090/83 is a good retracement target, and initially buyers will enter. However given the overbought conditions short term, if 5080 breaks look for 5065. Once more you will see sellers cover to here, and buyers hanging around. If they can see that this region is solid, they will come in and the market will rise higher. Only below 5060 would buyers wobble and reverse.
Now after this move lower the market is expected to regain strength and move higher with 5142/48 the targeted area. Buyers should cover to here. Sellers will stay sidelined looking and waiting. If buyers then decide conditions are right they will break above 5150 and 5169 will be the short term objective. Cover here. Reinstate over 5170 for 5191/94.
Published on Fri, Nov 6 2009, 07:57 GMT
Archive
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