FTSE: Good Chance Of A High
Jason Sen | Aug 13, 2014 08:18AM ET
FTSE held support at 6575/80 as predicted. We bottomed exactly and longs rewarded with a move to 6609. A break above 6615 now required to target 6624 then strong resistance at 6635/40 for a short term selling opportunity. A good chance of a high for the day here. Exit longs and try shorts with stops above 6650.
Immediate support is 6575/80 and could hold the downside again today while we consolidate strong gains and unwind the short term overbought conditions. However below sees a short term pull back to 6555/50. If this does not hold the downside look for good support at 6520/15 for a buying opportunity.
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