Good close in FTSE

Carol Harmer Charmer Trading

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

RESISTANCE: 6920 6945 6990 7020/25....7060 7085 7122/28 **

Good close in FTSE so now what...can we actually keep this momentum going.....can we open 2mrw above 6920 and more importantly stay there....As I said...if we could break 6880 there was scope for further moves higher with 6990/7020 then seen as the targeted area.....I would think we will see buyers start to cover longs on rallies to here...We have made over 200 point gain since Monday and this cannot just be short squeeze.....so now we look and see if gains are to be maintained....if they are not...we will fall back...but now we have the 6845/20 support area to look out for.....This will now act as support as it has been resistance for a few days....we need to see if the market can make a break below here...If we stay above here we are in for as stated another leg higher for 6990/7020.....Short term resistance is at 6920/45....we struggle here take it as a sign of short term weakness and look to sell.....we keep stops then above 6960...we keep it tight this time round.

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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