FTSE: keep stops really tight

Carol Harmer Charmer Trading

SUPPORT: 6890/80 6865 6845 6820 6775/70 6745 6720 6699 6666/65

RESISTANCE: 6945 6990 7020/25....7060 7085 7122/28 **

Another day dawns and what now...well yesterday we couldn't not break through the 6945 resistance and overnight we have not either....not that it matters much what happens overnight....so we look to the open to see if we can move up through 6945...If we can there is scope for the 6990/7020 resistance....This should prove to be a hard nut to crack and therefore any longs should be covered on rallied to these higher levels...Now if we fail to bust the 6945 resistance there is a really good chance that FTSE can retrace some of the gains of this week as yesterday saw little or no retracement....back towards 6845/20 would be a good retracement target...Now 6839 is the 38.2 short term fib level...and we know that this fib in particular is really good indicators of the next direction...If FTSE is going higher we should not break below this support by much which is why we leave a bit of leeway to 6820....Low risk buy weakness...but today we keep stops really tight as a break below this support will lead us lower for 6775/70...

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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