FTSE Must Hold Above 6985/6990 To Re-Target 2021/25 Level
Jason Sen | Apr 22, 2015 02:13AM ET
FTSE June must hold above 6985/6990 to re-target 7021/25 and 7045/49. A break above resistance at 7057/58 is then required for a retest of the all time high at 7081.5.
Failure to hold first support at 6985 is more negative for today and risks a slide to 6965/60. If we continue lower look for a test of support at 6930/25. A break lower however targets strong support for the week at 6885/6880. Should be worth trying longs here, but being such a major level we need quite wide stops below 6860. A break lower however is a sell signal and sees 6880 act as resistance to target 6835. A good chance this will hold the downside today but a break lower cannot be ruled out and could target 6800/6795.
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