FTSE made new highs of 7394

Carol Harmer Charmer Trading

FTSE

FTSE made new highs of 7394..but the market is overextended and the stochastic look ripe for a pullback....with 7331 the immediate objective...Now this ties in with the MO at 7334..so please be careful down at these lower levels....

We lose this 7330 area and a deeper correction is on the cards and we would be lo9oking at 7256 which in intersects a tredline with the 50% med term fib....

Now it is difficult going counter trend....I know this...but these are why Double tops are made...this is why topping patterns are made...so we have to be very careful...of going long....There is a chance of correction this week....We can see the stochasics are beginning to turn....now follow through after the rise on last Weds...all this points to the market struggling currently on the topside...

Please....if going long...take profits quickly.....then we only buy if above 7405...and even then I am wary....

I am not saying the bull run in FTSE is over...I am just saying at the moment....you seriously have to take care with longs...

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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