FTSE Small Double Top Adds To Negative Outlook
Jason Sen | Oct 07, 2015 12:13
FTSE small double top adds to the negative outlook and a break below 6270 risks a slide to first support at 6245/43. This is only minor and further losses target better support at 6205/00. Although we should pause here, buying in to longs looks risky and a break lower targets 6169/65, then the best support for this week at 6135/30.
Holding above 6270 allows a recovery to 6310/15. A break higher keeps bulls in short term control to target 6335/40, perhaps as far as 6353/56. In overbought conditions are likely to be limited, but if we continue higher look for a selling opportunity at 6395/99, with stops above 6420.
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