Daily Forecast - 11 March 2015

Ftse March contract

FTSE

FTSE did hold below 6782/77 & break 6734/30 as feared with the negative outlook & hit targets of 6705/00 then strong support at 6680/75 for a buying opportunity. We bottomed exactly here & a strong chance this will mark the low for this 2 week correction. Although the longer term outlook remains negative we could see a recovery today to target 6720 then resistance at 6735/40. We should struggle here and a high for the day is not out of the question but shorts need a stop above 6754 for a move to strong resistance at 6780/6790. Use this as a selling opportunity with a stop above 6800.

Strong support at 6680/75 is a buying opportunity again today stops below 6660. A break lower however is a negative sell signal & sees 6680 act as strong resistance for a move towards the 100 month moving average at 6615/6611. Exit all shorts here and try longs down to 6600, with no further losses expected at this stage. We expect a very strong bounce from the 6600 level, but longs need a stop below 6585.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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