FTSE: Overbought But Pointless To Fight The Bull Trend
Jason Sen | Oct 18, 2013 03:36AM ET
FTSE Dec13 dipped towards the target of 6596/93 and shot higher beating 6556/62 to reach our next target of 6588 nd topped exactly here. We are overbought but pointless fighting the bull trend. Above 6590 we have a roll over gap to fill at 6603 then 5 month trend line resistance at 6615. We should struggle here with a high for the day likely. However if we continue higher look for 6635. Just bear in mind for next week that we meet August & September highs at 6669/70.
Any profit taking meets support at 6562 then 6545 which could hold the downside. However longs need stops below 6530 for the next buying opportunity at 6520/15. Exit shorts & try longs expecting a low for the day but with stops below 6500.
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