Yesterday Ft-se traded up early in the session to make a high of 5700, and then trading lower in the afternoon to 5648.5. We now have resistance at 5656 the 200 day MA above here we have trend line resistance at 5668, if we manage to climb above here our target will be the 23.6% fib level at 5710 above here we have the 100 day MA at 5724 a break here will take us to 5747.5 the 38.6% fib level above here we have 5778 the 50% fib level. The weekly stochastics are still bearish and look like they have some way to go on the downside, the daily,s are positive and the 240 mins are at 19% but not yet crossing for a buy signal and the 60 mins are positive. Therefore we may see a correction in the morning but should sell into strength, as the bias is bearish as we have closed below the 200 day MA.
To the downside we have support from yesterdays low at 5649.5 which is also a double bottom on the 240 mins if we manage to trade below here the next level is 5628 and then 5622/18.5 which is pivot support.
The article was first published by CharmerCharts