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Market Analysis

Home » Featured » FTSE Technical Analysis for December 11, 2015

FTSE Technical Analysis for December 11, 2015

Posted by FXTimes in Featured - December 11th, 2015 5:42 am GMT

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Chart setups:
The daily chart presented here indicated that FTSE might be drifting sideways for a while before breaking out. The trading range seems to be defined as 6070/80 levels as support and 6450/70 as resistance. The indice is trading close to its support zone here and a bullish turn around now would confirm that the next leg could be a rally towards 6400 levels at least. On the other hand, a break below 6050 levels now, would indicate that the indices is headed below 5700 levels in the coming sessions. Trading the sideways range (400 points), looks to be the best option here until we see a clear break on either side. Looking into the RSI, it is trading around the 30 levels as well, indicating a potential rally from here. [Tip: Alway check forex reviews before choosing a broker ]
Trading recommendations:
Look to go long again, stop at 6040, target is open.

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