Ftse tried the downside

Carol Harmer Charmer Trading

SUPPORT: 6688 6666/65** 6620 6580 6530 6485 6450

RESISTANCE: 6720 6745 6770/70 6820 6845 6865 6880/90

Ftse tried the downside yesterday...broke 6700 and headed to 6688 before recovering...There seems to be little reason...as Iv said before for FTSE to be bought in anything but the extreme short term...at significant levels...I think that as we have broken now 6700 on the open the next port of call would be 6666/65....This may well hold the initial attempt at it...because it is actually a really good support level and has acted like a pivot through the recent months of FTSE movements....If we remember that the night of the election FTSE actually traded down to 6517 overnight there is scope for the market to continue to fall lower....The resistance level now is at 6745 and we should use this to install shorts...Now with NFP today we may get spikes....6770/80 therefore I believe would be the max we can retrace...The market is under pressure...no doubt about it....it really is...and therefore we should look to sell strength...The sellers sniff glory currently whilst below 67 and they have this 6300 target from the topping formation to head for...Now if we do poke our heads above 6780 we have another glut of resistances located at 6820 and 6845 and it is unlikely we can break above these resistance levels...

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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