It has been a quiet week to date for FTSE

Carol Harmer Charmer Trading

FTSE

Well we did break through some significant resistance yesterday but I think it was stops going off...as very quickly 23.6 7095 23.6 6781 the market came lower once more...we have a slight problem...The short term 4 hrly charts look extremely over- bought and are beginning to turn lower...The dailies however are not....they are once more beginning to turn posi- tive, even though in theory they are still overbought..

The markets do look like they want to trade higher,,,,but I think that unless we break above 7225 and stay above that then we are going to be in a bit of trouble....As I said,,,the market couldn't stay above 7200 for long...Look at the daily pivot....it rests at 7178....So we see what happens when the market makes a break above here...If it can 50 6971 50 7053 we look for either a short period of consolidation and then up again....This means to trade within a sideways band...Or we move lower....

Now currently 7145I40 is holding the downside...If we can stay break below here loo for 7124I18 area.. Our R2 is 61.8 6915 61.8 7174 at 7117..Our short term 23.6 is at 7095...Now we know this is good support from previously.....If we can get down to these lower levels..we would look to buy....

There we would hold longs unless a break below 7095 was posted...I don't at this moment this this support will 78.6 6837 78-6 7347 break....Lets see...it has been a quiet week to date for Fl'SE...Iets see what Freaky Friday does 2mrw...

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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