FTSE 100 Hits Major Resistance
Blackwell Global | Feb 23, 2014 02:58AM ET
The FTSE 100 is one of those interesting indexes which seems to have a ceiling.
After pushing for the 4th time on resistance, the FTSE 100 has yet to crack to market pressure. With last night’s positive news leading to a large rise in equity markets, pressure on the FTSE was still not enough to crack through.
With the market still looking bullish for the time being, traders have been looking to push the FTSE higher. But, despite the market pushing up to the trend line, it looks unlikely that the push through will happen, as the market closed at a standstill after heavy pressure. A quick look at the hourly chart certainly shows momentum has slacked off before closing – if not even started to dip.
With the 6800 looking likely to hold, it certainly could be a good moment to look at short options in this index, especially catching some downward momentum as we have seen historically off the past 4 touches.
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