Yesterday Ft-se traded up early in the session to make a high of 5777.5, then traded down to 5738.5. We now have resistance at 5776.5/77.5 this is yesterdays high and the 38.2% fib level from the 7th Nov, a break above here will see the market trade higher to 5786.5/88 this is the 55 day MA and pivot resistance a break here will entice 5801.5 the 50% fib level. Sellers will come into the market here, cover all longs. The weekly stochastics are still bearish and look like they have some way to go on the downside, the daily,s are still pointing down but are in the 45% area the 240 mins have crossed to give a sell signal and the 60 mins are still bearish.
To the downside we have support at 5746 this is the 23.6% fib level from the 7th of Nov, we then have 5742 which is the pivot point a break here will see the market trade lower to 5714/14.5 the 100 day MA and pivot support if we manage to break this level the target will become 5696 Fridays low and 100% fib level a break here will see the market trade lower to the 200 day MA at 5654.
The article was first published by CharmerCharts