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FTSE Technical Analysis for December 03, 2015

Chart setups:
The daily char view confirms an engulfing bearish candlestick formation on FTSE, after printing highs around the 6450 levels yesterday. Looking into the recent wave count, the rally between 6050 and 6450 levels could be retraced towards 6200 levels, which is also the fibonacci 0.618 support.
If prices were to drop below 6200 levels and subsequently below 6050, it would be extremely encouraging for the bears. Immediate resistance is seen through 6500 levels while support is seen at 6320 levels respectively. Please note that even if the drop is corrective, 6200 levels can be seen in the coming sessions. The RSI around 65 levels, is also supporting the bearish view, at least in short term. Bears expected to remain in control till prices stay below 6500 levels from here on.
Trading recommendations:
Short now, stop at 6500, target 6300.


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