FTSE daily analysis

Carol Harmer Charmer Trading

FTSE

FTSE is grinding higher...but currently it is not taking out key resistance that it has to make sure we continue higher….We have this 7184/85 through to 7200 and this is really why we have to break this barrier….we have come off a lot from the overbought conditions we have seen recently ..and although still overbought we can assume that unless we take out 7200...and quickly the market will fall..

7117 held yesterday….so our support is intact...the short and med term pivots have not changed...thus they are still in play...Obviously the daily pivots change daily...and therefore we are going to se if we can stay above the DP today which is at 7145…

Now currently pre open we are in no mans land...7166….so lets see how we open...give it time to settle...It is not like we have not tried to break the 7200 barrier….we have...we have hit it 5 times on the 4 hrly time charts...but we are just not breaking it….Now as the US market has broken the 200 day M/A and we know FTSE does follow...and you know Weds is usually a high Vol day...Although it is the 13th !!!..maybe this is the day FTSE finally makes its break…

Bed careful...Although the 4 hrly charts are not yet overbought...they are heading that way….maybe it will be a false break...but with the US breaking higher on the actual cash market...I am wondering if this week is the week we finally do break topside….I would hope that at least something happens in FTSE because it is stagnating at the moment...and range bound...and we hate rangebound markets….

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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